LAW 603 Lecture Notes - Corporate Finance, Natural Person, Search Report

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Gil Lan

Document Summary

Sole proprietorship- exists when a person carries on business on their own without adopting any other form of business organization. Is responsible for performing all contracts entered in the course of business: responsible for all torts committed personally in connection to the business. For income tax purposes the income or loss from a sole proprietorship is included with income or loss from other sources in calculating the personal tax liability. Simple and easy to set up, and easy to dissolve. Unlimited personal liability- means that third parties may take all of the sole proprietor"s personal assets to satisfy the business obligations: very limited financial options to raise capital for start-up costs. Business licence- is government permission to operate a certain kind of business: name must be registered if it is something other than own name. General partnership- is a form of business organization that comes into existence when 2 or persons carry on business together with a view to profit.