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GRA 741 (7)
Lecture 2

GRA 741 - Week 2.docx

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Ryerson University
Graphic Communications
GRA 741
Diana Brown

GRA 741 – Week 2 Legal Forms of Business Sole Proprietorship - Unlimited liability - Company asset = personal asset - If the owner dies, family inherits it, but have to start a new business - Startup => good tax benefit - Cons: Unlimited liability if debt have to pay out of their own pockets General Partnerships - Pros: - Easier to setup - Only tax as personal income - Cons: - Have to really trust their partners - Your house is on the line - Unlimited liability Corporation - Separate entity - Shareholders - Exists as an Artificial Person - Artificial Person made up of shareholders - Someone who owns 51% of the shares, the person of company will make decisions - Majority rules - Dictates dividends - Pros: Limited liability (only liable for the amount you put in) - Cons: Double taxation - Expensive to operate Limited Partnership - Personal asset not on the line
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