By Jonathan B Berk; Peter M DeMarzo
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Extra resources for Corporate Finance
Thus, a useful way to understand corporations is to think of there being two sets of investors with claims to its cash flows—debt holders and equity holders. As long as the corporation can satisfy the claims of the debt holders, ownership remains in the hands of the equity holders. If the corporation fails to satisfy debt holders’ claims, debt holders may take control of the firm. Thus, a corporate bankruptcy is best thought of as a change in ownership of the corporation, and not necessarily as a failure of the underlying business.
S. revenue. Sole proprietorships share the following key characteristics: 1. Sole proprietorships are straightforward to set up. Consequently, many new businesses use this organizational form. 2. The principal limitation of a sole proprietorship is that there is no separation between the firm and the owner—the firm can have only one owner. If there are other investors, they cannot hold an ownership stake in the firm. 3. The owner has unlimited personal liability for any of the firm’s debts. That is, if the firm defaults on any debt payment, the lender can (and will) require the owner to repay the loan from personal assets.
The partnership ends on the death or withdrawal of any single partner, although partners can avoid liquidation if the partnership agreement provides for alternatives such as a buyout of a deceased or withdrawn partner. Some old and established businesses remain partnerships or sole proprietorships. Often these firms are the types of businesses in which the owners’ personal reputations are the basis for the businesses. For example, law firms, groups of doctors, and accounting firms are often organized as partnerships.