LAW 122 Chapter Notes - Chapter 14: Sole Proprietorship, Limited Partnership, General Partnership
29 Jun 2016
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Sole proprietorship exists when a person carries on business on his or her own, without adopting any other form of business organization. Easy to dissolve just stop carrying on business. Unlimited personal liability third parties (cid:373)ay take all of the sole proprietor"s perso(cid:374)al assets not just those of the business to satisfy the (cid:271)usi(cid:374)ess"s o(cid:271)ligatio(cid:374)s. Limited financing option hard to raise money only method of financing is for sole proprietorship to borrow money directly. The name of a sole proprietorship must be registered if that name is something other than, or more than, the proprietor"s perso(cid:374)al (cid:374)a(cid:373)e. Registration must be completed in every province or territory in which the sole proprietorship carries on business. Business licence (government permission to operate a certain kind of business) is required for certain activities. General partnership a form of business organization that comes into existence when two or more persons carry on business together with a view to profit.
