MGTA01H3 Chapter Notes - Chapter 4: General Partnership, Economic System, Sole Proprietorship

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Economic system is any given way a company/country/culture organizes/controls etc etc the factors of production. Coz there is high gdp rate and low unemployment = economy is doing well. The three main ways that companies are set up: sole proprietorship, partnership, corporation. *there are others but they are less common. Business owned and operated by 1 person. Pays all the bills and is responsible for all the debt. Registering is not trademarking, it acknowledges the name of your company and no one else can pretend to be you. If you don"t register and if someone with the same name company registers then you may be asked to stop using the name and then you have to. You are obliged to pay tax after you start earning a certain amount of money it is moral/ethical/legal obligation. Disadvantages limits the owners skills limits owners resources.