RSM219H1 Chapter Notes - Chapter 4: Takeover, Initial Public Offering, Privately Held Company
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RSM219H1 Full Course Notes
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Sole proprietorship: a business owned and operated by one person. Legally, if you set up a business as a sole proprietorship, it is considered to be an extension of yourself. This form of ownership is usually small; however it can be as large as a steel mill. The majority of businesses in canada are sole proprietorships, however, they only account for a small portion of the total business revenues: advantages: freedom. If the business is run under your name, you dons pocket. Once the owner dies, so does the business. A sole proprietorship relies on the skills, abilities, and resources of one person which may be limited. General partnership: all partners are jointly liable for the obligations of the business.
