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Lecture 3

ADM 1101 Lecture Notes - Lecture 3: Heenan Blaikie, General Partnership, Double Taxation


Department
Administration
Course Code
ADM 1101
Professor
Gilles Levasseur
Lecture
3

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Partnership
Two$or$more$people$share$ownership$of$a$single$business
2$corporations$on$joint$venture,$you$and$mom$open$ice$cream$store
-
Regulated$by$the$provinces
Partnership$legislation
-
Partnership$Agreement:$An$essential$component$providing$answers$to$10$key$questions
What$is$financial$contribution$of$each$partner?
What$is$the$division$of$work$between$partners?
What$constitutes$income$in$the$partnership?
What$property$$is$included$in$the$partnership$and$how$is$it$defined?
How$will/can$partnership$property$be$used$by$individual$partners?
How$will$bank$accounts$be$set$up$and$how$will$accounting$and$tax$matters$be$handled?
How$will$disputes$related$to$the$partnership$be$resolved?
What$happens$if$one$partner$dies$and$becomes$disable$or$incapacitated?
What$happens$if$one$partner$wants$to$leave$the$partnership?
How$will$the$sale$of$the$business$be$handled?
10.
General-Partnership:
Partners$re$not$only$liable$in$equal$share$for$the$debts$of$the$partnership$(jointly$liable)$b
addition,$each$partner$is$liable$for$the$full$amount$(joint$and$severally$liable)
-
Each$member$can$bind$the$partnership$without$consent$of$the$other$partners
-
Limited-Partnership-(LLP)
Liable$for$only$yourfaults$(except$fraud$or$because$you$should've$known$and$didn't$do$an
about$it)
-
Composed$of$one$or$more$general$partners$who$conduct$the$business,$and$one$or$more$p
who$contribute$an$amount$in$$actual$cash$(special$or$limited$partners)
-
The$special$partner's$liability$is$normally$limited$ only$to$the$amount$of$the$cash$he/she$
contributed$to$the$partnership
-
Silent$Partners: known$to$the$public,$no$active$management$(don't$want$to$manage)
Davids$Tea$net$loss
Heenan$Blaikie$ colla
Sept.&24
Tuesday,$ September$ 24,$2019
7:12$PM

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Lecture
Sept. 24
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