MGTA01H3 Chapter Notes - Chapter 7: Sole Proprietorship, General Partnership
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MGTA01H3 Full Course Notes
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In order for business to succeed, business needs to rep. 3 key elements: people, Decision to invest/supply/lend in a business depends entirely on competence/credibility and character of people who own/control the business ask self (cid:862)(cid:449)ould a (cid:271)a(cid:374)k suppo(cid:396)t a (cid:271)usi(cid:374)ess if it does(cid:374)"t ha(cid:448)e suppo(cid:396)t of fa(cid:373)ily or f(cid:396)ie(cid:374)ds? (cid:863) Buyers will always look for sellers entre. Desirable qualities in market are: large # of potential buyers, growing # of potential buyers, pot. Buyers have money to spend, are willing to spend, no existing suppliers, existing suppliers are unsatisfactory. Sole proprietorship: a business that is directly owned by 1 person, simplest form of business in canada. Supply all capital, make all business decisions, keeps all profits, responsible for costs (including taxes), debts/obligations. Is app(cid:396)op(cid:396)iate (cid:449)ay to sta(cid:396)t (cid:271)usi(cid:374)ess that does(cid:374)"t (cid:396)e(cid:395). (cid:373)u(cid:272)h (cid:272)apital must sign all doc. w/ own name. If they believe they have unique name, they can register name w. gov. of ont and have.
