LAW 122 Lecture Notes - Lecture 12: Canada Business Corporations Act, Sole Proprietorship, Limited Partnership
17 Nov 2016
School
Department
Course
Professor
Document Summary
Sole proprietor: person begins to conduct business (one person) No separation between business and proprietor (owner) Proprietor is the business: proprietor is entitled to all income, their liable for all obligations, their assets are available for business debts, business income (loss) on personal income, proprietor cannot be employee of business. Can only raise money by personal borrowing. Sole proprietors must comply with general requirements. May need to register a (cid:498)doing business as(cid:499) name. May need to require a particular license name, ex. General partnership 2 or more people carry on business together with a view to profit. General partnerships two or more people carry on business together with a view. Holding each other out as partners or acquiescing. Engaging in ongoing activity rather than one project. Income to partnership is personal income to partners: provides default for rules, which can be supplemented or modified by partnership agreement, says everything is equal. Each partner can commit the partnership to obligations.
