BUS 233 Chapter Notes - Chapter 5: Limited Liability Partnership, Sole Proprietorship, Limited Liability

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 233
• Professor: Sasha Ramnarine

Document Summary

Bus 233 ch5 methods of carrying on business. 3 structures available: sole proprietorship, partnership, incorporated company. Must comply with government regulation and requirements. Employee pay retained for income tax and employer pays ei, cpp and workers comp. Laws, human rights, privacy and confidentiality, etc. No formal process (may register a trade name, but not required) Debts (personal assets are vulnerable to creditors) 2 or more people carrying on business together for the purpose of making profit. No formal process (registration with gov. agency needed in some cases but generally not ) Parties share the costs, participate in the management of the business, and ultimately expect to share the profits. Regulated by partnership act common to common law provinces. Set out circumstances that don"t create a partnership such as. Sharing rental profit from a jointly-owned property. Employee commission or bonus based on business performance. Written agreement indicates rights and obligations of partners.