GMGT 3300 Lecture Notes - Lecture 30: Sole Proprietorship

• School: University of Manitoba
• Department: General Management
• Course: GMGT 3300
• Professor: Ian A.Restall

Document Summary

Preparation before a person starts trading, they should: do some research, o protect the ip, o prepare a plan, o raise some money, and o take out insurance. Selecting a business structure business structures when starting a new business one of the most important legal questions a person will have to answer for themselves is which business structure they will adopt. A business structure is the legal form of a business organisation. The most common types of business structure are: the sole trader, o the partnership , and o the company. Note that these business structures are not mutually exclusive. Two or more companies, for example, can form a partnership. A person is a sole trader if they directly own and operate the business by themselves. The sole trader has unlimited personal liability for the debts and other legal obligations of the business.