LAW 122 Midterm: all chapters law122 test 2

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Kristin Vickers

Document Summary

No separation between business and proprietor (owner: proprietor entitled to all income, proprietor liable for all obligations exp: responsible for all contracts entered in the course of the business including contracts with customers, suppliers, employees, and lenders exp: responsible for all torts committed in connection with the business and are held liable for all torts committed by employees, proprietor"s asset available for business debts, business income (loss) on personal income (personal tax liability, proprietor cannot be employee of business. A partnership exists when two or more people carry on business together with a view to profit: a partner cannot be employed by the partnership, all benefits of the partnership business accrue directly to the partners, all partners liable for obligations of the business including tarts committed by a partner or an employee in the firm, partners have unlimited personal liability.