Business law chapter 11 quizlet

The two main legal concepts under business law are the theory of limited liability and the idea of legal personality.
Legal business entities come in all shapes and forms.
A sole proprietor singlehandedly bears the responsibilities and risks of operating a business, but they can also take all of the business profits.

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The rule of law is a concept designed to keep life fair, just and orderly – and it also applies to businesses.
To make the best decisions for you and your business, you need to understand how these laws work.
What is the rule of law.
The rule of law has no simple definition, but in its essence, it’s a concept that means no one is above the law.