LAW 122 Lecture 5: Lecture 5

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Avi Weisman

Document Summary

Overview: types of business organizations: if you want to start a business, how do you do it, what are the different organization that we can utilize to start our business. Look at pros and cons for each: sole proprietorships, general partnerships, limited partnerships, corporations, liability and benefits of entrepreneurs and other stakeholders differ depending on type used. Is responsible for all torts committed personally in connection with the business. That person is also vicariously liable for all torts committed by employees in the course of their employment. Advantages and disadvantages: advantages, simple and easy to start easy to start, no agreement, no registration. If you have assets, don"t start this because your assets will be taken into account when you suffer liability. The most basic way to start a business: business licence may be required: government permission to operate a certain kind of business, requirements vary with type of business.