MGTA01H3 Chapter Notes - Chapter 4: Sole Proprietorship, General Partnership, Making Money
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MGTA01H3 Full Course Notes
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Makes all decisions keeps all profits responsible for all debts sole proprietorship. A business owned and operated by one person. - if registered / sh if not. Not limited to value of assets used on job. If things go wrong, you can be sued for 25066$ You could lose your house, car, life savings unlimited liability. Normally includes: how much 25066 each partner contributed what each partner must do how the partners paid how profits distributed. Partnership with: partners who take no part in management of business. Limited partners supply 25066$ only (can lose only their investment) partnership. A form of organization established when two or more persons agree to combine their financial, management and technical abilities for the purpose of operating a business for profit. general partnership. A type of partnership in which all partners are jointly liable for the obligations of the business. limited partnership.
