Business Persons and Business Activities

These flashcards cover key concepts related to business persons, types of business entities, and their responsibilities in a commercial context.

Business Person

A natural or legal entity who engages in commercial activity and has rights and duties.

Natural Business Person

An individual human being acting in their own name with rights and obligations.

Legal Entity

A business created by law that can act through representatives and has its own rights and obligations.

Mercantile Register

The official register that records all legal business entities.

General Partnership

A type of business entity where all partners manage the business and share profits and liabilities.

Limited Partnership

A type of business entity with both general and limited partners; limited partners have restricted liability.

Limited Liability Company (LLC)

A business structure with limited liability for its owners and flexibility in management.

Joint Stock Company

A business entity where capital is raised through the sale of shares and shareholders have limited liability.

Accounting Responsibilities

The obligations of a business to keep accurate records of transactions and comply with tax laws.

Private Autonomy

The capacity of a business to make decisions independently.