LAW 122 Lecture Notes - Lecture 21: Search Report, Limited Liability Partnership, Professional Negligence In English Law
4 Apr 2016
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Liability and benefits of entrepreneurs and other stakeholders differ depending on type used. Arises once person begins to conduct business. No separation between business and proprietor (owner): As business grows, these problems continue to grow. *a sole proprietor is best suited for small businesses. No formal registrations as a sole proprietorship is required. But sole proprietors must comply with the general requirements imposed on all businesses. May need to registers a doing business as name. May need to acquire a particular license. Business license: government permission to operate a certain kind of business. Exists when two or more people carry on business together with a view to profit. Important: there are no formal requirements for creating a partnership. A person can become part of a partnership without realizing it. A partner cannot be employed by the partnership. All benefits of the partnership business accrue directly to the partners.
