MGMT 100 Lecture Notes - Lecture 6: Privately Held Company, Sole Proprietorship, Irving Oil

• School: UBC Okanagan, UBC OK
• Department: Management
• Course: MGMT 100
• Professor: Zhu

Document Summary

Sole proprietorship: a business that is owned, and usually managed, by one person. In a sole proprietorship, the business and the owner are a single entity. Almost of all registered businesses in canada fall under this form of ownership: example: what"s up yukon. Liability: includes the responsibility to pay all normal debts and to pay because of court order or law, for performance under a contract, or a payment of damages to a person or property in an accident. Unlimited liability: the responsibility of business owners for all the debts of the business. Work for others it is their problem if the business is not profitable. Own your own business you and the business are considered one: you have unlimited liability; that is, any debts or damages incurred by the business are your debts, and you must pay them. Sole proprietorship you have unlimited liability.