MGM101H5 Lecture Notes - Lecture 4: Personal Services, Leveraged Buyout, General Partnership

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Pavreen Gill

Document Summary

Agenda: forms of business ownership, biz cafe top 10. Forms of business ownership: sole proprietorship, partnership, joint venture. Sole proprietorship: one person owning and operating a business, without forming a corporation, in a sole proprietorship, the business and the owner are a single entity, almost 24% of all registered businesses in. Proprietorship: ease of start/end, be your own boss, pride of ownership, leave legacy, retain profit, no special taxes, unlimited liability, limited financial resources, difficulty in mgmt, time commitment, few fringe benefits, limited growth, limited life span, fewer regulations. An owner (partner) who has unlimited liability and is active in managing the firm: limited partner. An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment. A partnership in which all owners share in operating the business and in assuming liability for the business"s debts: limited partnership.