ADM 1300 Lecture Notes - Lecture 4: Sole Proprietorship, General Partnership, Limited Liability
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ADM 1300 Full Course Notes
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Document Summary
An owner-manages a business with fewer than 100 employees. Entrepreneur(s) people who recognize and take control of opportunities. Entrepreneurship the process of identifying an opportunity in the marketplace. Screening: a) b) c) d) idea creates value. The canadian private sector forms of business ownership: Alternative business forms: crown corporations, cooperatives, non-profit. Sps fall under provincial and municipal jurisdiction. Two or more people combine to form a business. Provincial laws require that a partnership must legally register its name and give information about the partners. General partners: senior partners = biggest share of profits and huge management roles, junior partners = small management roles, smaller share of profit. General partnership complete sharing in the management of the business: Partners liable for their shares and for the debts of the partnership. Composed of one or more general partners who conduct the business. The special partner"s liability = limited to the amount of money/cash they contributed to the partnership.
