COMM 304 Lecture Notes - Lecture 1: Fiduciary, Sole Proprietorship
Document Summary
One person owns the entirety of the business (simplest form). John brown shoe repair doesn"t have to register your. This person may have many employees, may share in profits. This person is entitled to all the profits and liable for all the losses (expenses) Simplest form of carrying out a business. Disadvantage- strictly on your own, personally liable, must pay all debts individually. Has to be registered (2) partnership: governed by provincial legislation partnership act. 4 persons in partnership saying in law because the law supports this statement. If wrong someone from the public then they can sue all the partners (goes after the one with the money). Will go after everyone b/c doesn"t know who holds the money so person who was wrongfully done by goes after everyone. All liable together and all liable separately (all assets can come under attack)
