Textbook Notes (368,125)
Canada (161,663)
MGTA01H3 (583)
Chapter 4

Chapter 4 notes.

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Management (MGT)
Chris Bovaird

Management Chapter 4 Notes Four Options of Legal Ownership of business: The sole proprietorship, the partnership, the corporation, and the cooperative. Sole Proprietorship: A business owned and operated by one person. Adv: Simplicity, freedom, easy to form, low start up costs, etc Disadv: Unlimited liability, lack of continuity, (legally dissolves when the owner dies), depends on resources *Financial and managerial skills* of one person, hard to borrow money. Partnership: Formed when two or more persons operate a business for prot. Must Begin by agreement (oral, written, etc). The agreements usually state how disagreements will be resolved, who invested how much money, who reports to who, how much prot is shared between partners, how partnership will be dissolved, how leftover assets be distributed among the partners. Two Types: General Partnership- All partners share the prots of business and have say managing the business, and are liable for the debts and other liabilities of the partnership business. Limited partnerships- Two kinds of partners, one general partner and one or more limited partners. General partners run the business and have unlimited personal liability for its debts.Limited partners do not participate in manaing the business, only share prots but is not personally liable for business. The most that they can lose
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