LAW 603 Chapter Notes - Chapter 21: Unanimous Consent, Limited Liability, General Partnership
2 Nov 2017
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Types of business organization: sole proprietorship, general partnership, limited partnership, corporation. Including contracts with customers, suppliers, employees and lenders: sole proprietor is exclusively responsible for all torts committed personally in connection with the business and also liable for all torts committed by employees in the course of their employment. Characteristics of general partnerships: carry business on their own behalf like sole proprietorship. Partnership legislation and agreements: all provinces other than quebec have partnership legislation based on the english statute, partnership agreement: contract between partners regarding the operation of the partnership. If you are not a partner but allow your name to be associated with a partnership, you will be liable. Internal organization of the partnership: default rules: standard form agreement for the internal organization of a partnership that applies unless the partners agree to another agreement. Limited partnership long as they restrict their involvement in the partnership business.
