BU231 Chapter Notes - Chapter 24: Limited Liability Partnership, Sole Proprietorship, Limited Partnership
Document Summary
All businesses in canada take one of 3 forms: Sole proprietorship an unincorporated business owned by a single individual, created as soon as the individual starts doing business. Partnership the relationship between two or more persons (natural persons or corporations) carrying on a business with a view to profit: limited partnerships, limited liability partnerships. Corporation came into existence with government involvement, whereas sole proprietorship and partnerships were formed through individuals. Partnership act organized numerous cases under general principles outlining the general rules of operation. Carrying on business in common does not apply to charitable enterprises but rather every trade, occupation or profession but still not every activity carried on for a profit. A view to profit sharing the profits is an essential element of partnership. Legal personality partnership has no independent existence and whenever a new partner is admitted or an old one dies the partnership comes to an end and a new one is formed.
