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day 11

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Business Organization Chapters 2627Three Kinds of Business Organization 1 Sole Proprietorship 1 Owned and operated by 1 individual 2 Laws Affecting Sole Proprietorships i Separate accounts HST ii Trust monies WSIB CPP EI iii Licensing bylaws zoning iv Business act using somebody elses name 3 Liability of sole proprietorships i The owner is responsible for everything 2 Partnership final 1 Definition 2 or more persons carrying on business in common with a view to a profit i broad 2 Partnership Agreements and the Partnerships Act i Can be verbal Dont have to be written down ii Death of one person or bankruptcy without a written agreement means partnership dissolves iii Either partner can terminate the partnership through writing without written agreement iv All profits
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