LAW 122 Lecture Notes - Lecture 6: Root Mean Square, Nules, Numbered Company
8 Dec 2015
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Overview: types of business organizations, sole proprietorships, general partnerships, limited partnerships, corporations, liability and benefits of entrepreneurs and other stakeholders differ depending on type used. Partnerships: three main types of partnerships, partnership (sometimes called general partnership ) only available to certain professions (accounting firms, limited liability partnership (or llp ) , limited partnership. General partnerships: a partnership exists when two or more people carry on business together with a view to a profit, partnership creation automatic when relationship begins: no formalities are required. Created as soon as the purpose is met - no need for anything in writing, happens automatically. Partnership characteristics: no separation between partner and partnership, partners have unlimited personal liability, income to partnership is personal income to partners, ontario partnership act. Telling other people that they are partners hello this is xxx, my business partner . Acquiescing acknowledging that the statement is true: provides default rules, which can be supplemented or modified by partnership agreement.
