RSM225H1 Study Guide - Final Guide: Limited Liability, Dont, Derivative Suit

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Sole proprietorship: no formalities: unincorporated business owned by one person, unlimited personal liability, can operate with/without license. Partnership: relationship, needs to be consentual and contractional, between 2+ people, must be legal persons: cannot have partnership w/ charities, political parties, corporations, carrying out business in common. Includes every trade but not every profit making activity: jointly owning building + collecting rent business, view to profit, not otherwise incorporated, can"t be formed for charities, public boards or corporations. Based on real relationships: need not to be written. Agreement can be oral & still valid. General partnerships don"t need to register: lp and llps have to registers. Ensure all client of firm are notified. Shared ownership of real property partnership: only sharing costs from some enterprise, partnership: shared shouldering of costs and profits, sharing of only one partnership. Presumptions and exceptions: share of profits = evidence of partnership exceptions:

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