BU111 Lecture : November 1, 2010 Legal Forms of Business Ownership (cont) Lecture Notes for Different Types of Business Ownerships
19
BU111 Full Course Notes
Verified Note
19 documents
Document Summary
Partnerships make up 9% of business =4% of total sales. Corporations make up the remainder=remainder sole proprietorships make up 74% of business=9% of total sales. Owner has sole claim on all the profits. High levels of personal incentive, freedom and satisfaction. An unincorporated business owned and operated by more than one person for his or her own private profit. This agreement can be either verbal or written( should be in writing) called a partnership agreement. A legal agreement that outlines all of the rights and responsibilities of the partners. Designed to prevent future ill will and misunderstanding btw partners. Should serve as the basis of resolving any conflict or disagreement btw the partners. Process to be followed if adding a partner. Process to be followed if one partner wants to withdraw his or her investment (using a lawyer is best) Relatively easy to form: needs a partnership agreement. High levels of personal involvement and satisfaction.
