MGM101H5 Chapter 5: Chapter 5 (Forms of Business Ownership) - MGM101 Swanston
25
MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
Sole proprietorships, ge(cid:374)eral & li(cid:373)ited part(cid:374)ers, corporatio(cid:374)s, mergers, Key to a successful small business is understanding how to get resources you need. Small business founders may have to take on partners or find other ways of obtaining money. They may need help from people with more expertise than they have or raise more money to expand. Each form of business has pros & cons. Businesses can transition to different forms of ownership: sole proprietorship: one person owning & operating a business, without forming a corporation. The business & the owner are a single entity! 1. 5 million corporations in canada & have largest share of revenue. For a business it includes the responsibility to pay all normal debts and to pay: because of a court order, because of a law, for performance under a contract, for damages to a person or property.
