MGM101H5 Chapter Notes - Chapter 5: Tax Preparation In The United States, Dividend Tax, E-Commerce

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Many people start new businesses in canada every year. How you set up your business can make a tremendous difference in your long-term success. Three major forms of business ownership: sole proprietorships, partnerships, corporations. Sole proprietorship: a business that is owned and usually managed by one person: most common form of business ownership. Partnership: a legal form of business with two or more parties: when they do not have money of their own. Sole proprietorships and partnerships are relatively easy to form, but there are advantages to creating a business that is separate and distinct from the owners. Corporation: a legal entity with authority to act and have liability separate from its owners. Many companies start out in one form, then add (or drop) a partner or two, and eventually may become corporation or franchisors. Easiest kind of businesses to explore in quest for an interesting career. Simply stop, to get out of business.