ADMS 2610 Lecture Notes - Limited Liability Partnership, General Partnership, Sole Proprietorship

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Robert Levine

Document Summary

If carried on by the individual in its own name- no registration. If carried on by the individual in other names- required to register under the ontario business names act. Responsible for everything-management and all contracts and licencing ( vendors licence, dealers licence), certificate for sales tax (gst) If the employee under the proprietor commits tort- employer is vicariously liable for all liabilities. From liability side- worst possible business- because a sole proprietor is liable for all contracts, income tax, retail sales tax, gst. And a judgement can be enforced against the proprietor. Partnership two or more individuals carrying on a business for a common profit (make money) Partnership act is a general statute applying to all cases where there is no agreement between the partners, which is called the partnership agreement- it sets out the requirement, methods of dissolution, interest. But all of these can be superseded by the partnership act.