SOSC 1520 Lecture Notes - Lecture 2: Private Limited Company, Sole Proprietorship, Southern Pacific Transportation Company
6 Feb 2017
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Private sector: is the part of the economy that is not state controlled, but is controlled by individuals and companies for profit. All four business types are part of the. Has individual responsibility to all debts and shares. You have limited resources and banks are less likely to give loans due the small size of the business: partnership (general [most common], limited, limited liability) There are three types of partnerships in canada; however, the type you are able to create varies from province to province. Partners have no say in the business, you only provide capital. You must be able to trust your partners, as you can be held responsible to your partner"s actions towards your company: private limited company. Offers limited liability, or legal protection for its shareholders but that places certain restrictions on its ownership. Shareholders cannot sell or transfer their shares without offering them first to other shareholders for purchase.
