RSM225H1 Lecture Notes - Limited Partnership, Sole Proprietorship, Professional Corporation
Document Summary
Business organizations - overview: several legal types of business organizations, main legal types, sole proprietorship, partnership, corporation. The law makes no distinction between the owner and the business: only one kind of sole proprietorship, partnership, ownership: Two or more legal entities own the business. The law makes some distinction between the owners and the business: three kinds of partnership: One or more legal entities own the business. The law makes a full distinction between the owners and the business: categories of corporations: For profit (share capital) corporation: public corporation, private corporation, federal (canada) corporation, provincial (ontario) corporation, professional corporation. Key differences: public vs. private corporation shares of public corporation traded on a o regulated exchange (e. g. tsx, nasdaq, canada vs. ontario corporation, no significant differences. 3: for profit vs. not for profit corporation, for profit corporation is owned by shareholders . Shareholders elect directors who run the corporation. Members elect directors who run the corporation.
