BUSI 2601 Chapter Notes - Chapter 7: Sole Proprietorship, Limited Liability Partnership, Corporate Liability
Document Summary
Commonly found in sole proprietorship, partnership and corporation businesses. The business structure involves creating a legal regime that makes decisions on the creation of the business, its internal affairs, taxes, relation to other businesses and extent of legal responsibility towards liabilities. Business forms clarify your legal relationships with colleagues and co-workers. Choosing the appropriate business form can strike the right balance between the need for simplicity and the need to limit your potential liability. Choosing the appropriate business form can help you plan for the future. Your choice of business form will affect the amount of professional assistance that is required. No legal separation between the owner and the business. Typically small businesses with few or no employees, operating from a single location. Sole proprietor will reap the financial benefits yet will be personally subject to unlimited liability. Sole proprietorship under a name other than that of the owner, must be registered under the business names act in ontario.
