LAW 603 Lecture Notes - Lecture 2: Blackburn Hamlet, Fiduciary, Accountant

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Clara Chapdelaine- Feliciati

Document Summary

A sole proprietor conducts business in his or her own name. There is no separate legal structure or separation between the owner and the business on any level. The owner is exclusively and personally responsible for conducting the business; The owner is exclusively and personally liable for all torts and contractual or other breaches in regard to the business; It is the simplest and least costly form of business to establish and operate. It is the simplest and least costly to dissolve. The owner risks unrestricted and unlimited personal liability can go over assets. Difficult to raise money need to go directly to the bank. How to set up a business sole proprietor. Na(cid:373)e of sole proprietor (cid:373)ust (cid:271)e registered if (cid:374)a(cid:373)e differe(cid:374)t tha(cid:374) proprietor"s perso(cid:374)al (cid:374)a(cid:373)e. Business license: for certain businesses; for example: restaurant, taxi. Two or more people carry on a business to make a profit. A partner cannot be employed by the same partnership.