LAW 122 Lecture Notes - Lecture 6: Professional Negligence In English Law, Search Report, General Partnership
4 Feb 2016
School
Department
Course
Professor
Document Summary
Liability and benefits of entrepreneurs and other stakeholders differ depending on type used. Arises once person begins to conduct business: e. g. start cutting someone"s lawn for money. No separation between business and proprietor (owner): Business income (loss ) on personal income. Can only raise money by personal borrowing. As business grows, these problems continue to grow. Conclusion: a sole proprietor is best suited for small businesses. No formal registration as a sole proprietorship is required (compare this to incorporation, where formal steps are required) But sole proprietors must comply with the general requirements imposed on all businesses: e. g. may need to register a doing business as (dba) name, e. g. May need to acquire a particular license, e. g. , hot dog vendor permit or spectrum license. General partnerships aka partnerships: exist when two or more people carry on business together with a view to profit. There are no formal requirements for creating a partnership.
