MGTA02H3 Chapter Notes - Chapter 4: Air Canada, Takeover, Initial Public Offering
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
Chapter 4 understanding legal forms of business organization four legal ownership the sole proprietorship, partnership, the corporation, the cooperative. The sole proprietorship sole proprietorship: a business owned and operated by one person. Business is considered to an extension of yourself (not a separate legal entity) Majority business in canada are sole proprietorship. Unlimited liability: personal liability for all debts of the business. Depends on the resource of one person who managerial and financial limitations my constrain lack of continuity a sole proprietorship legally dissolves when owner dies the business. Partnership: formed when two or more person operate a business for profit two types of partnership. General partnership: a type of partnership which all partners are jointly liable for the obligations of the business. Limited partnership: a type of partnership with at least one general partner (who has unlimited liability) and one or more limited partners.
