GMS 200 Lecture Notes - Lecture 5: Sole Proprietorship, Takers

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Is a commonly defined as one with 100 or fewer employees, that is independently owned and operated, and that does not dominate its industry. Almost 98 percent of canadian businesses are classified as small. Sole proprietorship individual or a married couple persuing business for a profit. Owner is personally liable for business debts and claims: partnership two or more partners who agree to contribute resources and operate a business togather, general par. Share management responsibilities: corporation legal entity that exists separate from its owners. Separate the owners from personal liability and gives the firm a life of its own beyond that of its owners.