LAW 122 Study Guide - Final Guide: Professional Negligence In English Law, Fiduciary, Sole Proprietorship
13 Apr 2015
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Sole proprietorship- a person carries business on their own, without adopting any other form of business organization: sole proprietor reaps all benefits and bears all the burden of his business, important points for responsibility of sole proprietor: He is only responsible for performing all contracts regarding the business. He is responsible for all torts committed, either personally or vicariously. Ex: taxi, restaurants, real estate agent, car dealers etc. General partnership- 2 or more persons carry a business with purpose of profit. (charities and non profit organizations do not count because no purpose of profit!: to determine wheter a partnership exists: pg 539 (2nd. That is 2 people owning a joint property and collecting rent. However, if involved in management and sharing of profits, then found partnership. They represent each other as partners: a partner cannot be employed by the partnership.
