LAW 122 Lecture Notes - Lecture 1: Fiduciary, Limited Liability Partnership, Numbered Company
10 Nov 2015
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Chapter 21- basic forms of business organizations: types of business organizations, sole proprietorship, general partnership, limited partnership, corporation. Liability and benefits of entrepreneurs and other stakeholders differ depending on type used: stake holders in business organizations: government, managers, customers, financial. Creditors, employees, commercial activity, table creditors, owners, public. Sole proprietorship: exists when a person carries on business on their own, without adapting any other form of business organization. 1: laws generally applicable to businesses apply to sole proprietors, such as: Provincial registration for business name: only if name other than personal name. Business licence may be required: requirements vary with type of business. Partner cannot be employed by the partnership. All benefits of the partnership business accrue directly to the partners. Each partner responsible for all partnership debts, obligations, torts: partners have unlimited liability. Personal assets available to satisfy partnership debt; credit worthy partners make a credit worthy partnership: income to partnership is personal income to partners.
