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ADMS 2610 (409)


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York University
Administrative Studies
ADMS 2610
Robert Levine

ADMS2610 Session 7 Chapter 16 (pg. 286-300) Sole Proprietorship – a business where the sole owner is responsible for the management and the debts of the business - simplest form of business - unlimited personal liability - limited ability to raise capital - may require registration or license Partnership – 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 profit o charities, social clubs, sports groups Historical development of Partnership - originally common law - it is a mix of common law and statute law today - most recent development is the “limited liability partnership” or LLP Nature of a Partnership - sharing of profits - contribution of capital - active participation in management - part ownership or co-ownership not necessarily a partnership Difference from Partnership vs. Co-ownership - Partnership o contractual o founded on mutual trust o partner agent of other partners and the partnership o partners share in partnership property is always personality (personal not real property) o subject to partnership Act - Co-ownership o Arises in several ways (succession or inheritance) o Freely alienable without consent of other co-owner (A & B own a block of land, A sells his interest to C without B’s consent, now B & C are co-owners) o Not an agent of other co-owners o Co-owners can own any type of property o Dissolved through disposition of property Liability (Partnership) - Liability (persons who form a partnership are collectively called the firm and business is carried on in the firm name - Joint and Several Liability o Partners individually and as a collective group have liability for a debt of the partnership o Partners are agents for each other and for the partnership o Liable for tort of partner if committed in course of partnership business o Joint and several liability for business wrongs  Misappropriation  Negligence Liability (Employees) - partnership firm is the employer - partners responsible for direction and supervision of employees - Liability in tort o If committed in performance of partnership business - Liability in contract o If employee authorized to enter into such contracts Rights and Duties of Partners - partnership usually sets out rights and duties - free to fix such rights and duties
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