RSM225H1 Lecture : chapter 2B
Document Summary
Only one individual owns a business that is not incorporated. Formed automatically when one individual starts running the business. Formation of spp: registration is not required to create a spp. Business name: registration of the business name of the spp is required if other than the actual name of the individual owner. Includes registration of name and address of business owner. If don"t register when required to do so, still have spp. Business names act says that if don"t register when required to do so, business cannot bring lawsuit or defend lawsuit until register can also be fined up to ,000. Hst: registration required if total annual revenues exceed ,000. Spp owner is personally liable for all of the business debts.
