LAW 122 Chapter Notes - Chapter 21: Limited Liability Partnership, General Partnership, Fiduciary
8 Apr 2015
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Liability and benefits of entrepreneurs and other stakeholders differ depending on type used. Exists when a person carries on a business on their own, without adopting any other form of business organization: arises once person begins to conduct business, ex. Legal requirements: laws generally applicable to businesses apply to sole proprietors, such as, provincial registration for business name. Only if name is something other than personal name: business license (government permission to operate a certain kind of business) may be required. Partnerships: three main types of partnerships, partnership (sometimes called general partnership , limited liability partnership (llp, limited partnership. Form of business organization that comes into existence when two or more persons carry on business together with a view to a profit. Partnership creation automatic when relationship begins: no formalities are required. Partnership characteristics: no separation between partner and partnership, partners have unlimited personal liability, ontario partnership act. Partnership agreement: contract between partners regarding the operation of the partnership.
