MGTA01H3 Lecture Notes - Lecture 7: Sole Proprietorship, Limited Liability, General Partnership
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MGTA01H3 Full Course Notes
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Supplies all the capital makes all decisions keeps all profits responsible for all debts. There are others (much less common: sole proprietorship, partnership, corporation. A business owned by 1 person (but not necessarily that. Sole proprietor can have employees. (can have many employees) But ultimately there"s just one boss. - if registered / sh if not does not need to be registered. Management / ownership clear suits, and pick up all the pieces (human and financial) (more than 1owner) (potential customers) You are personally responsible to pay any bills, settle any law- Not limited to value of assets used on job. If things go wrong, you can be sued for 28930$ You could lose your house, car, life savings. Because and your business are one and the same: How much you might have to pay is unlimited. A business owned / operated by 2 or more people acting together. Conflict (more than 1owner) incurred by another partner.
