ADMS 2610 Lecture Notes - Limited Liability Partnership, Limited Liability, Sole Proprietorship

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pucewildebeest131

9 Aug 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Robert Levine

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Document Summary

Sole proprietorship a business where the sole owner is responsible for the management and the debts of the business simplest form of business. May require registration or license limited ability to raise capital. Partnership a legal relationship between two or more parties for the purpose of carrying on a business with a view to a profit. Does not include organizations not in business for profit: charities, social clubs, sports groups. Most recent development is the limited liability partnership or llp it is a mix of common law and statute law today. Nature of a partnership sharing of profits contribution of capital. Part ownership or co-ownership not necessarily a partnership. Partnership founded on mutual trust: contractual, partner agent of other partners and the partnership, partners share in partnership property is always personality (personal not real property, subject to partnership act. Liability (persons who form a partnership are collectively called the firm and business is carried on in the firm name.

Related Questions

Indicate whether the following statement best describes a corporation, a sole proprietorship, or a partnership.

a. Liability is limited to the amount invested.

b. Unlimited personal liability.

c. Unlimited liability for oneself and one's partner's actions.

d. Ability to share work and risks of ownership without issuing shares.

e. Direct control by the owner.

f. Most difficult to organize.

g. Greater ability to secure funds from outside investors.

h. Accounts for largest sales receipts in the United States.

i. The most common form of business.

aquamarinegerbil492

In order to create a new business: b) you must begin a sole proprietorship you may begin either a sole proprietorship or a partnership you may begin a sole proprietorship, a general partnership or a limited partnership you may begin a sole proprietorship, a partnership, or a corporation

Match Column A with Column B

1) Partnership	a) a business owned by one person who is personally liable for all losses
2) Proprietorship	b) An artificial being created by a state
3) Limited partnership	c) two or more persons combine their efforts for a single transaction
4) Corporation	d) created when shareholders elect to be treates as partners for tax purposes
5) legal capacity	e) created by an agreement between two or more persons who agree to share profits and losses
6) buy-and-sell agreement	f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest.
7) Subchapter S corporation	g) the ability of an organization to sue or to own property
8) joint venture	h) exists when some partners are treated like shareholders for liability purposes
9) limited liability company	i) tax doctine that allows income to be taxed at the owner level, not the organization level
10) "pass through"	j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation.

ADMS 2610 Lecture Notes - Limited Liability Partnership, Limited Liability, Sole Proprietorship

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