Textbook Notes (367,876)
Canada (161,461)
Anthropology (533)
ANTA01H3 (187)
Chapter 4

mgta01 ch4.pdf

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Genevieve Dewar

Ch 4 Understanding Legal Forms of Business Organization Sole Proprietorship owned by one person Majority of businesses in Canada small portion of total revenuesAdvantages Easy to form personal tax benefits selfstartersDisadvantages Personal unlimited liability dissolves on owners deathPartnership two or more people combine resources to operate a business All partners personally liable o Limited partnership at least one general partner active management and limited partners liability limited to investment become general if they participate in the businessAdvantages combination of skills loan acquisition individual taxationDisadvantages unlimited liability transferring ownership strategy disagreementsThe Corporation separate legal entity except cannot vote or marry Owners liability limited to their investment o Shareholders buy shares elect board of directors o Board of Directors oversees the corporation and its operation in the best interest of the shareholders Choose the President responsible for internal management and other Officers to run the business Sets policies on paying dividends financing executive salaries etc o Chief Executive O
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