MGTA01H3 Chapter 4: MGTA03 – Chapter 4
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MGTA01H3 Full Course Notes
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Mgta03 chapter 4: forms of business organization in canada. no formalities required other than the registration of the desired business name. Tax losses can be offset against other income. very common because it is easy to get into. many businesses at least start out as sole proprietorships. unlimited personal liability of the proprietor for debts and liabilities of the business. no potential continuity when the owner dies the company will technically not continue. Two or more persons carry on a business together (can be up to 1000s but is typically described as a small group of partners) Is not a separate legal entity from the partners. most businesses in canada were run as partnerships in 1900s+ Is legally dissolved when if one of the partners dies or leave, and if a new partner joins. Partners: involved directly in the business, make business decision themselves, and share in the profits.
