BU231 Lecture Notes - Lecture 14: Legal Personality, Professional Negligence In English Law, Sole Proprietorship
Document Summary
Unincorporated business owned by a single individual. May have to obtain a license to carry out the particular type of business. Individual is sued in his/her own name. Relation which subsists between two or more persons carrying on a business in common with a view to a profit (partnerships act, r. s. o. All of the partners are personally liable therefore you sue the individuals. Limited partnerships, a partnership in which some of the partners limit their liability to the amount of their capital contributions. Limited liability partnerships, a partnership in which non-negligent partners are not personally liable for losses caused by the negligence of another partner. Unless it is a limited partnership where they are just giving money, where they are limited to the amount of money that they have invested in the company. Available to professionals only in certain provinces and a professional governing body has to accept it.
