ADMS 2610 Lecture Notes - Lecture 16: Sole Proprietorship, Limited Liability Partnership, Limited Partnership

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Alex Browning

Document Summary

Adms 2610 ch 16 law of sole proprietorship and partnership: sole proprietorship, business where sole owner is responsible for, management, debts. Liabilities: simplest form of business, unlimited personal liability, limited ability to raise capital, may require registration or license, partnerships, partnership. Liability: person who forms partnership are called, (cid:862)the firm(cid:863, business is carried on in the fir(cid:373)"s (cid:374)a(cid:373)e. Joint and several liability for business wrongs: misappropriation, negligence, etc, retiring partner. If given proper notice to those with previous dealings, not liable. Liability (employees: partnership firm is employer, responsible for direction and supervision of employees, liability in tort. If committed in performance of partnership business: liability in contract. If employee authorized to enter into such contract: employee enters contract but fails to deliver, employer liable, rights and duties of partners, partnership usually sets out rights and duties, fix/modify such rights and duties. If not, minimal requirements under partnership acts: property brought into partnership is, partnership property.