LAW 122 Lecture Notes - Lecture 7: Numbered Company, Sole Proprietorship, Limited Partnership
1 Dec 2016
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Arises when one person wants to conduct a business, doing something for profit e. g. lawn cutting business, shoveling so(cid:373)eo(cid:374)e"s drive way, operating restaurant. A partnership exists when two or more people carry on business together with a view to a profit. Law generally applicable to businesses apply to sole proprietors, such as: provincial registration for business name- only if name other than other than personal name. Business license may be required- requirements vary with type of business. >house can be taken to pay it off. Oren and jenna carrying on business as partnership-je(cid:374)(cid:374)a"s. Partnership creation automatic when relationship begins: no formalities are required. Unless the partners agree otherwise, the default termination rules are: Termination on death or insolvency of partner(bankrupt) claim of compensation. Yes they are partners building asset of partnership. Due to these potential consequences, other partnership forms may be available. Or another possibility is to incorporate: create a new legal entity (a person) through a defined process.
