LAW 122 Lecture Notes - Lecture 6: Sole Proprietorship, General Partnership
13 Apr 2016
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Document Summary
Only one person can carry on business as a sole proprietorship. If more than one person is responsible for the business = cannot be a sole proprietorship. Ex: you start cuing someone"s lawn for money. Sold proprietorship can be carried out on the name of the owner or with a business name. Simple to start the business no need for much formaliies or legal assistance (with some excepion for licenses; business names) Easy to dissolve (bring to an end) simply stop doing business. Unlimited personal liability the sole proprietor is personally liable for all torts and breaches of contract including for all torts and breaches of contracts including for all torts/ breaches commited by employees. That means the proprietor can be sued in his/her own name and, if they lose they will have to pay damages using their own money or assets.
