LAW 122 Chapter Notes - Chapter 21: Unanimous Consent, Search Report, Limited Liability Partnership
6 Sep 2016
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Unlimited personal liability: a sole proprietor means that third parties may take all the sole proprietor"s personal assts to satisfy the business"s obligations. Legal requirements for sole proprietorship - you must register your company. 9/6/16: business license is government permission to operate a certain kind of business. General partnerships: a form of business organization that comes into existence when 2 or more persons carry on business together with a view to a profit, partnership is not legally separate from the partners. Partners have unlimited liability (go after personal assets) if they or the partner screws up. 9/6/16: don"t enter the relationship without seeking advice from a lawyer. Fiduciary duty: requires a partner to act honestly and in good faith with a view to the best interests of the partnership, not put themselves before the partnership, prohibited from competing with partnership or business. Limitation: who is able to sign what and what information must be disclosed, right to indemnification.
