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York University
Administrative Studies
ADMS 2610
Robert Levine

FORMS OF BUSINESSThere are a number of forms of business that you are required to knowThey areSole proprietorships Partnerships Corporations FranchisesI teach forms of business from the point of view protection of the business owners from liabilityA SOLE PROPRIETORSHIPThis is the simplest and cheapest form of business to carry onHere the business is carried on by one person who is responsible for everythingThis individual called a sole proprietor runs the business manages the business and makes all business decisionsFrom a liability point of view a sole proprietor is said to have unlimited liabilityThat is the sole proprietor is liableresponsible for all contracts entered into for getting all licenses and certificates such as a retail sales tax licensecertificate and is also responsible for payment of all taxes such as income tax retail sales tax and GSTA sole proprietor is also responsible for a torts committed by his business or in the course of his business Finally if a judgment is obtained against a sole proprietor the judgment creditor can look to the assets of the sole proprietor for collection of the judgment debtWhere the sole proprietor carries on the business in hisher own name there is no need to register with the business name with the governmentFor example if I carry on my law practice as Robert Levine solicitor then I do not have to register the name with the governmentHowever if I carry on my business in a name other than my own name then I must register the name under the Business Names Act of OntarioFrom a liability point of view this business has the most liability B PARTNERSHIPPartnerships are governed by the Partnership Act of Ontario which defines a partnership as two or more individualspeople who carry on business with a view to profitThis means that the partners must carry on the business to make a profitIf they do not then the business is not a partnershipFor example consider A and B carry on a business which is a charitySince charities do not generate a profit A and B cannot carry on the charity as a partnershipThere are three types of partnership General Partnership Limited Partnership and Limited Liability Partnership Copyright Robert Levine
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