Textbook Notes (368,651)
Canada (162,033)
MGSC30H3 (57)
H Laurence (33)
Chapter 16

Chapter 16 Notes

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Department
Management (MGS)
Course
MGSC30H3
Professor
H Laurence
Semester
Winter

Description
Chapter 16 Law of Sole ProprietorshipPartnershipSOLE PROPRIETORSHIPowns all of the assets is entitled to all of the profitsresponsible for all of the debtsdisadvantage limited ability to raise capitalPARTNERSHIPa relationship that subsists between 2 or more persons carrying on a business in common with a view to profitdoes not include social clubs charitable organizationsNATURE OF PARTNERSHIP sharing of the profit is an evidence of a partnership but does not include remuneration or receipt of a share by the family membersif parties have each contributed capital and have actively participated in the management of the businesspartnershipCoownershipPartnershipmay arise through contractual relationshipsuccessioninheritancerelationship is founded on mutual trust freely alienable without consent of not freely alienableother coowneragent of other partnersgenerally not an agentpartners share in partn
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