COMM 315 Study Guide - Final Guide: Sole Proprietorship, Stock Split, Linkedin
5 Dec 2018
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It is an economic activity to make a profit: simplest way is to make a bit of money (ex. Go cut some grass, you doing business generating revenue (sol proprietor) Every person doing business needs to register with the province. This registration says who you are, what you do and where you carry on business. Who needs to know this: clients and creditor (notice to the world about who you are and where to find you if anything) Business income as a sole proprietor is treated on the same return as your salary income (you are one and the same person) What happens if you put your name under someone name. 1: you cant transfer assets once you know of debts to avoid payment. When you stop running your business or when you die or go bankrupt. Sets out who are the partners, what is their contribution, what share in the profit will they get.
