LAW 122 Chapter Notes - Chapter 21: Numbered Company, Canada Business Corporations Act, Search Report
14 Feb 2017
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Arises once person begins to conduct business. E. g. start cutting someone"s lawn for money. No separation between business and proprietor (owner): Proprietor"s personal assets available for business debts. As a result, sp is often suitable for many small businesses. Laws generally applicable to businesses apply to sps such as: Only if name other than personal name. A partnership exists when two or more people carry on business together to view a profit. E. g. you and james agreed that he will buy a lawnmower, you will cut the lawns, and you will split the profit. The partnership is created even if you never made any money. Sharing profits (not just revenues) or losses. Holding each other out as partners or acquiescing. Engaging in ongoing activity rather than one project (textbook 540 you be the judge scenario) No separating between partner and partnership i. e. - partner cannot be employed by partnership. All benefits of partnership accrue to partners.
