Textbook Notes (368,070)
Canada (161,617)
MGTA01H3 (583)
Chapter 4

Chapter 4

4 Pages
Unlock Document

Management (MGT)
Chris Bovaird

Introduction to Management Chapter 4 Canada is a free market economy; therefore entrepreneurs need no permission, pay no fees, and need not to fill out any special forms to start a business. They just simply begin. 3 Main forms of Organization In Canada 3 common forms: Sole Proprietorship Partnership Corporation Sole Proprietorship Easiest way to form a business Most Common form of ownership Example: Local math tutor, kid who shovels drive ways, private swimming teacher. In a sole proprietorship the business is owned and operated by 1 person. Sole proprietor: -makes all decisions -keeps all profits -responsible for all debts Advantages: Easy to setup, with no regulatory requirements, no mandatory accounting needs. Cheap to set up ($60 - $70 if registered $0 if not), Does not need to be registered, and management and ownership clear. Disadvantages: limits to owners skills, limits to owners resources, hard to get finance (bank loans). Personal Liability: you are personally responsible to pay any bills, settle any lawsuits, and pick up all the pieces. Unlimited Liability: your personal responsibility is unlimited; you can be unlimitedly sued if anything goes wrong. No limit to the value of the job. No limit to the value of the assets used on the job. www.notesolution.com
More Less

Related notes for MGTA01H3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.