MGM101H5 Chapter Notes - Chapter 4: Sole Proprietorship, Limited Liability, Limited Partnership

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

A business that is owned and operated by one person, without forming a. The business and owner are a single entity. A legal form of business with two or more parties. Many people do not have the money, time or desire to run business on their own. Prefer to have someone else or group of people get together to form a business. Two or more people legally agree to become co-owners of a business, the organization. A legal entity with authority to act and have liability separate from its owners. Creating a business that is separate and distinct from the owners. Have the largest share of business revenue by far: businesses are allowed to switch from one form of ownership to the other, liability for a business includes the responsibility to pay all normal debts and to pay: All you have to do is buy or lease an equipment and put announcements that you are in business.