Management and Organizational Studies 2275A/B Study Guide - Limited Liability Partnership, Legal Personality, Limited Partnership

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Frederick King

Document Summary

Choosing how to own a business determines who: is financially liable for the business, shares in business profits and other assets, makes and is accountable for management decisions. The business is terminated upon death of the owner. Generally people who offer specialized services must be licensed to practice their skill. If the business has a name other than the owners, they must register the name at the local registry office. Partnership act provides mandatory rules with respect to when a partnership exists and what their relationship is to outsiders. There are optional rules that can be included with respect to the relationship of partners to one another and how and why a partnership ends. A partnership exists when two or more people carry on business with a common view towards profit, excluding charitable and non-profit ventures. Partners should have a partnership agreement that summarizes their relationship and address the following issues: