LAW 122 Lecture Notes - Lecture 1: Limited Liability Partnership, Sole Proprietorship, General Partnership
Document Summary
21 - purpose: to understand the legal structures for the operation of a business. Theme: what are the four basic forms of business organization: sole proprietorship, the general partnership (partnership) , limited liability partnership. Legal principles: legislation: business name act, ontario partnership. Act & case law (see footnotes) & the partnership agreement (contract) One: businesses must understand and manage legal risks the risk management process in this context, the risk to third parties (stakeholders) Identification: recognize legal risks (of the bus organ) sole proprietorship or limited partnership. In the summer, you agree to cut your neighbour"s lawn and you enter into a contract to cut the lawn every two weeks for two months. Thus, you are carrying out a business as a sole proprietor. Your business grows and you are too busy so, you hire your friend as an employee and enter into a contract with your friend. You remain responsible for all the obligations.
