Textbook Notes (362,837)
Canada (158,073)
MGTA01H3 (583)
Chapter 4

Chapter 4

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

thOctober 18 2010Chapter 4entrepreneurs must decide which form of legal ownership best suits their needs4 options are available the sole proprietorship the partnership the corporation and the cooperativeSole Proprietorship a business owned and operated by one person Legally your business is considered to be an extension of yourself and not a separate legal entityfreedom may be the most important benefit of a sole proprietorship since business and the proprietor are legally one and the same the losses in their early stages can be deducted from income the proprietor earns from personal sources other than the business therefore there are tax benefitsa drawback however is unlimited liabilityUnlimited Liability personal liability for all debts of the businessa sole proprietor depends on the resources of one person whose managerial and financial limitations may constrain the businessPartnership a form of organization established when two or more
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