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BU231 (319)
Lecture

Chapter26ReadingNotes.doc

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Department
Business
Course
BU231
Professor
Daniel J Fife
Semester
Spring

Description
1READING NOTESCHAPTER 26Sole ProprietorshipsPartnershipsSole ProprietorshipCome into existence without formalities can occur just by actionsSubject to many regulations that apply to all forms of businessoeg Municipal license is normally required for electricians plumbers etcIf the name of business is different from the owner its must be registered applies to all forms of businessesPartnershipFormed by two or more personsonaturalindividuals legalcorporationsAdvantage in that you can pool resources and knowledge togetherDisadvantages can result from disagreement time to reach agreement dishonestyNature of PartnershipPartnership is the relation which subsists between persons carrying on a business in common with a view of profitPersons can be found to be partners even though no written or oral agreement exists if they acted as partnersFour Elements in a partnership 1RelationshipaConsens
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