MGM101H5 Study Guide - Final Guide: Limited Liability, Sole Proprietorship, Limited Partnership

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Partnership agreement: legal document that specifies the rights and responsibilities of each partner. Public corporation: corporation that has the right to issue shares to the public, so its shares may be listed on a stock exchange. Private corporation :corporation that is not allowed to issue stock to the public, so its shares are not listed on stock exchanges; it is limited to 50 or fewer shareholders. Canadian- controlled private corporation engaged in providing professional services business in canada but has its head office outside canada. For example, most foreign airlines are non-resident corporations. Non profit corporation: a non-profit corporation is formed for charitable or socially beneficial purposes. Crown corporation: crown corporations are companies that only the federal or a provincial government can set up. Corporate governance: the process and policies that determine how an organization interacts with its stakeholders, both internal and external.