Textbook Notes (368,795)
Canada (162,165)
MGTA01H3 (583)
Chapter 4

Chapter 4 Notes

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Management (MGT)
Chris Bovaird

Chapter 4 Notes: Understanding Legal Forms of Business Organization ORGANIZING OPTIONS Sole Proprietorship Partnership Corporation Cooperative Sole Proprietorship: A business owned and operated by one person An extension of the owner (not a separate entity) Advantages Disadvantages Freedom (complete control) Unlimited Liability: Personal liability for all debts of the business Easy to form Lack of continuity - If owner dies, so does the business No registration costs Hard to borrow money for start up Tax losses can be offset against other incomeResources depend on the proprietor Partnership: A form of organization established when two or more persons agree to combine their financial, managerial, and technical abilities for the purpose of operating a business for profit 2 types of partnerships: general partnerships and limited partnerships General partnerships: A type of partnership in which all partners are jointly liable for the obligations of the business All partners share the profits and have a say in the business. Partners are also personally liable for all debts of the business Page 1 www.notesolution.com
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