LAW 122 Chapter 21: Chapter 21- Business Organizations.docx
8 Apr 2015
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Main advantage is that it is easy to set up and easy to dissolve. Upl- means that third parties may take all the sole proprietors personal assets to satisfy the business"s obligations. Legal requirements for sole proprietorships: the name of a sole proprietorship must be registered if that name is something other than, or more than, the proprietor"s personal name. Must register if it was peter"s spray on lawn : a business licence is necessary for some types of activities, a business licence is government permission to operate a certain kind of business. General partnership- is a form of business organization that comes into existence when two or more persons carry on business together with a view to a profit. A partnership arises automatically by operation of law when a relationship meeting these criteria begins. No formalities are required, although the partnership may have to register its name and obtain a business licence.
