LAW 122 Lecture Notes - Lecture 21: Limited Liability Partnership, Canada Business Corporations Act, Limited Partnership
19 Jun 2017
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Sole proprietorship: arises once person begins to conduct business, simplest form of business organization; i. e. start cutting someone"s lawn for money. No separation between business and proprietor (owner): proprietor entitled to all income, proprietor liable for all obligations, proprietor"s assets available for business debts, business income (loss) on personal income, proprietor cannot be employee of business. Conclusion: a sole proprietor is best suited for small businesses. Partnerships: (three main types: general partnership (sometimes called general partnership , limited liability partnership (or llp , limited partnership. General partnerships: exists when two or more people carry on business together with a view to profit. There are no formal requirements for creating a partnership. The creation of a partnership is automatic: a partnership comes into existence in law when two or more people carry on business together with a view to profit, without the need for any further formality.
