LAW 3102 Lecture Notes - Lecture 10: Sole Proprietorship, General Partnership

21 views2 pages
5 Mar 2018
Mar 5 2018
Sole proprietorship → anyone running business in sole capacity ( if you do nothing at all but you
run a business you are a sole proprietor) → most basic business structure
General Partnership → do nothing at all, run a business, but with someone else
Limited Partnerships→ take care of issues such as liabilities
1. Ease and fees
a. expenses
b. how easy is it to register?
Forum shopping is very critical
Liability Issues
→ sole prop & general pship → you’re on the hook for everything you’ve got
so liability is key
protect owners more
the more sophisticated the business → more there are corporate governance issues
conflict btw agents (Chief execs) and shareholders
corporate entities are the easiest to transfer
the more large/ public/and pure corporation it is→ the easier it is to transfer ownership
in partnership easier to sell shares/profits/gains rather than sell partner rights/ title
capital is something all businesses need
IPO- only when company is becoming publicly traded
single owner
→ you start and are the sole owner
no legal distinction btw. owner and business
simply just start the business
if you register under fictitious name → must register name with county clerk
All income and expenses are reflected on the owner’s taxes
find more resources at
find more resources at
Unlock document

This preview shows half of the first page of the document.
Unlock all 2 pages and 3 million more documents.

Already have an account? Log in

Get OneClass Notes+

Unlimited access to class notes and textbook notes.

YearlyBest Value
75% OFF
$8 USD/m
$30 USD/m
You will be charged $96 USD upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.