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Sam Ling (23)

Forms of Business Organization - Chapter 16 - Law of Sole Proprietorship and Partnership

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York University
Administrative Studies
ADMS 2610
Sam Ling

Part 4Forms of Business Organization ADMS 2610LingSession 7 Chapter 16Law of Sole Proprietorship and PartnershipOverviewForms of business organizationsole proprietorshippartnerships o historical development o nature o liabilityo rights and duties o dissolution o limited partnershipo limited liability partnershipSole ProprietorshipA business where the sole owner is responsible for the management and the debts of the business o Simplest form of business o Unlimited personal liabilityo Limited ability to raise capital o May require registration or licensePartnershipsPartnership o A legal relationship between two or more parties for the purpose of carrying on a business with a view to a profit Does not include organizations not in business for profitcharities social clubs and sports groups Historical development o Originally common law o Today mix of common law and statuteo Most recent development is the limited liability partnership or LLPNature of a PartnershipSharing of profitsContribution of capital
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