GMS 200 Lecture Notes - Lecture 7: Limited Liability Partnership, Limited Partnership, Sole Proprietorship

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Entrepreneurship: describes strategic thinking and risk taking behaviour that results in the creation of new opportunities for individuals and/or organization. Entrepreneurship develops within a person, and no one is born with, it only grows depending on the environment he lives in. A small business is commonly defined as one with 100 or fewer employees, and that is independently owned and operated that does not dominate its industry. Prior career or personal experience in the business area or industry. Start business between the age of 22 and 45. Strong interests in creative production and enterprise control. Seek independence and the sense of mastery that comes with success. Individual or a married couple pursing business for a profit. Owner is personally liable for business debts and claims. Two or more people agree to contribute resources to start and operate a business together.