LAW 122 Lecture Notes - Lecture 6: Limited Liability Partnership, Canada Business Corporations Act, Sole Proprietorship
29 Aug 2016
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Document Summary
Liability and benefits of entrepreneurs and other stakeholders differ depending on type used. Arises once a person begins to conduct business on their own without adopting any other form of business organization. A human being that is doing business. No separation in law between business and human (proprietor/owner): can be used to cover business debts income business because they are the same thing (no legal difference) Unlimited personal liability (third parties may take all the sole proprietor"s personal assets to satisfy the business"s obligations) Money raised only by personal borrowing (not possible to divide up ownership of the sole proprietorship) Laws generally applicable to businesses apply to sole proprietors as well. Only if name other than name of human/ (regulations at provincial level don"t have the same name) personal name permission to operate a certain kind of business) may be required, requirements vary with type of business.
