LAW 122 Chapter Notes - Chapter 21: Search Report, Unanimous Consent, Limited Liability Partnership
16 Nov 2016
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Chapter 21 basic forms of business organizations. The sole proprietorship is the simplest form of business organization. It comes into existence when a person starts to carry on their own, without adopting any other form of business organization such as a corporation. If (cid:455)ou p(cid:396)o(cid:373)ise to (cid:272)ut (cid:455)ou(cid:396) (cid:374)eigh(cid:271)ou(cid:396)"s la(cid:449)(cid:374) e(cid:448)e(cid:396)(cid:455) (cid:449)eek, (cid:455)ou are carrying on business as a sole proprietor. Even if you enter a contract to employ someone, you still remain the sole owner. The sole proprietor gets all business and bears all burdens of the business. The main advantage of a sole proprietorship = easy to set up and dissolve: the sp can stop the business but they are still liable for the things that they did. A general partnership is a form of business organization that comes into existence when two or more persons carry on business together with a view to a profit.
