BU231 Lecture Notes - Lecture 17: Limited Liability Partnership, Limited Partnership, Limited Liability
Document Summary
Choosing the appropriate format: a business may be carried out in one of three forms, namely: Unincorporated business owned by a single individual. Partnership: relationship between two or more persons carrying on a business with a view to profit. Corporation: legal person formed by incorporation according to a prescribed legal procedure: difference between sole proprietorship/partnership & corporation: S p & p are created w/o government involvement vs. corp. only formed by following steps in legislation and registering with designated government department. Sole proprietorship: an unincorporated business owned by a single individual, formed as soon as an individual starts doing business, subject to regulations regarding. Some businesses require licensing: business name other than the name of the owner must be registered. Partnership financing, risk of loss: 4 elements in defining partnership: relationship. With a view to profit: usually created by contract but a partnership may be found where the relationship meets the definition, partnerships act, r. s. o.
