BU231 Chapter Notes - Chapter 24: Unit, Legal Personality
Document Summary
Sole proprietorships: an unincorporated business owned by a single individual, may require a specific licence to carry on a particular type of business, sole proprietor income is recorded on the personal income tax form. Partnerships: the relationship between two or more persons carrying on a business with a view to profit can be natural persons or legal persons, partnership act numerous cases organized under principles. The nature of partnership: (cid:862)part(cid:374)ership is the relatio(cid:374) (cid:449)hi(cid:272)h subsists between persons carrying on a business in (cid:272)o(cid:373)(cid:373)o(cid:374) (cid:449)ith a (cid:448)ie(cid:449) of profit(cid:863) The liability of a partner: any acts done by a partner within the scope of his apparent authority and relied upon by an outsider bind the firm and all the partners. Joint liability: the situation where each of a number of persons is personally liable for the full amount of a debt.
