MGTA01H3 Lecture Notes - Lecture 9: Costco, Legal Fiction, W. M. Keck Observatory

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1 Mar 2018
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MGTA01H3 Full Course Notes
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Limited partnerships corporations & co-ops lec 09. Review: we talked a(cid:271)out the fi(cid:396)st t(cid:449)o (cid:449)a(cid:455)s to o(cid:396)ga(cid:374)ize a (cid:271)usi(cid:374)ess. Simple forms: do(cid:374)"t (cid:374)eed (cid:373)u(cid:272)h (cid:272)apital, (cid:373)a(cid:374)age(cid:396)ial labour, low risk (unlikely to be sued, ex. sole proprietorship and general partnerships (no paperwork needed). Complex forms: need more capital than a few people can supply; more management than owners can supply; protection from personal liability. They can lose only the money they have invested: ex. real estate development, film, advantages: general partner (entrepreneur) can raise capital for a project, and have unlimited liability. Limited partners they lose only their money and make potentially profitable investment: corporation, require completing legal documents and fees. Corporation is created by the legal authority (i. e. prov. Of on: a legal entity, which runs a business. Responsible for its own debts: owned by shareholders, (cid:271)ut sha(cid:396)eholde(cid:396)s do(cid:374)"t (cid:396)u(cid:374) it.

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