MGMT-2007EL Chapter 10: Sole Proprietorships & Partnerships

• School: Laurentian
• Department: Marketing and Management
• Course: MGMT-2007EL
• Professor: Andrew Little

Document Summary

There are essentially 3 major types of business organization: Types of business organization: sole proprietorship, partnership, corporation. Non-profit society a separate legal entity with different rules for incorporation than corporations; another way for people to work together and carry-on commercial activity. There are also several ways in which these various types of business organizations are combined . Holding corporation a corporation that owns shares in other corporations. Joint venture involves several different corporations that band together to accomplish a major project. Sole proprietorship an individual carrying on business alone; no separate legal entity. The sole proprietorship exists the moment an individual begins a business, and nothing needs to be done to create it. The owner does not have to answer to anybody, he/she is responsible only to themselves. The sole proprietor, like all other types of business organizations, must satisfy many federal, provincial, and municipal requirements to carry on business .