COMMERCE 1E03 Study Guide - Midterm Guide: Canada Industrial Relations Board, Family Of Sets, Morneau Shepell

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1E03
• Professor: Rita Cossa

Document Summary

Limited liability- only loss is the money invested, ltd (limited liability), inc. , corp. , if sole-proprietorship or partnership change into the corporation tht debt is still personal liability: 2. Perpetual life, death does not terminate corporation: 5. Ease of ownership change- can just sell stock to someone else: 6. Ease of attracting talented employees- offer benefits, other types can also offer these to be competitive: 7. Double taxation- taxed twice. , on income before dividends, then shareholders pay tax on dividends, double but not excessive, are dividend tax credits are available: 4. Two tax returns- need individual and corporate tax return, can be quite complex and require assistance of an accountant: 6. Size, can become too inflexible and tied down to respond to market changes quickly: 7. Personal ownership- still your business, but with more rules, regulations, and procedures thn privately owned store: 3. Nationally recognized name- instant recognition and support from product group w/ established customers: 4.