MGMT 3100 Lecture Notes - Lecture 7: General Partnership

• School: York University
• Department: Management
• Course: MGMT 3100
• Professor: Peter Mac Donald

Document Summary

Short answer (choice of 3 of 4 sub-questions) Case problems (number of issues, 10 marks each, 2 of 3 cases) Sole proprietorships: an unincorporated business owned by a single individual. Same as personal income tax report, no separate filing is done. Partnerships: the relationship between two or more persons carrying on a business with a view to profit: the partnership act: affairs are governed by a well-developed body of laws. Elements of a partnership: a relationship: consensual and contractual relationship. Written agreement is drawn up and signed by all the partners. However, courts look at substance of the relationship, even if absence of an express agreement: between two or more persons, carrying on business in common: business includes every trade, occupations or profession. Isolated transactions undertaken jointly does not mean partnerships: with a view to profit (or sharing of profits and taking part in the management of the business, does not mean a partnership if profit sharing is to.