SSH 301 Lecture Notes - Lecture 4: M&M Food Market, Limited Liability Partnership, Canadian National Railway

• School: Ryerson University
• Department: Social Sciences and Humanities
• Course: SSH 301
• Professor: Patrizia Albanese

Document Summary

Sole proprietorships businesses owned and usually managed by a single individual. Partnerships voluntary agreements where two or more people act as co-owners; there are several types (usually services as oppose to products) Corporations legal entities, separate from their owners. Lo2 sole proprietorships: business at its most basic. Lo2 sole proprietorships: business at its most basic disadvantages. Limited ability to attract and retain talented employees. General partnership all partners have the right to participate in the management. Of the firm, and all share unlimited liability. Limited partnership includes at least one general partner and at least one limited partner (who has limited liability) Limited liability partnership all partners are actively involved but they have some form of limited liability, which varies by jurisdiction. A corporation: is a legal entity, separate and distinct from its owners. The board of directors establishes the mission and objectives.