BU231 Chapter Notes -Sole Proprietorship, Uniform Law Commission, Limited Liability
Document Summary
Law chapter 24 notes- sole proprietorships and partnerships. A sole proprietorship or partnership come into existence without government involvement. A corporation must be registered with the designated gov"t department. In some situations, a number of professions do not permit their members to carry on their practices in the form of corporation. Sole proprietorships: any individual that starts business has created a sole proprietorship. *in most provinces, if business is carried under a name that is not the actual owner, they must be registered- hence, partnership. *the main problem with partnerships was the legal decisions being made. The courts look at the substance of the relationship and are not guided by what the parties may call themselves. It is generally accepted as an accurate representation of the state of partnership today. Case 24. 2 remedy: there was no intention of carrying on a business so it was not considered a partnership.
