MGMT 3100 Lecture Notes - Lecture 7: Heenan Blaikie, Limited Partnership

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There are often different classes of partnerships at some law firms and you work your way into them. By laws are the key of the corporation that talk about what people can do vs cannot. We will learn how we set up this organizations etc. Sole vs partnerships what are the advantages and disadvantages of each. Page 107 of course kit shows us the forms of businesses. Some ideas: theres risk with both sole and partnerships, you can pool resources, 100% power in sole don"t have to depend on others. *corporation: main reason to set up a corporation is so your assets cannot be taken limited liability having several partnerships that are incorporated. Setting up a sole easier to do that you just have to tell the government. Setting up a partnership are personally liable and they set up a declaration of partnership. Partnership agreement costs more money to set up which is between parties.

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