MGT393H5 Chapter Notes - Chapter 24: Limited Liability Partnership, Inter-Active Terminology For Europe
Document Summary
Choosing form of organization; sole proprietorships; creation, liability, relationship, and termination of partnerships; limited partnerships; limited liability partnerships. Choosing the appropriate form of business organization. Almost all businesses in canada are carried on in at least one of the following forms: sole proprietorship, partnership, corporation. Few operate as cooperatives, trusts & other types of unincorporated associations. Sometimes multiple business forms are used, like when 2 corporations form a joint venture or partnership. Sole proprietorships and partnerships come into existence without government involvement. However, a corporation may only be formed by following the steps outlined in the legislation and registering with the designated government department. As soon as an individual starts doing business, a sole proprietorship is created; an unincorporated business owned by a single individual. Laws regarding public health, zoning, taxation, licenses, registration, & human rights legislation all still apply to sole proprietorships.
