MGTA05H3 Chapter Notes - Chapter 8: Sole Proprietorship, General Partnership, Physical Capital
12
MGTA05H3 Full Course Notes
Verified Note
12 documents
Document Summary
Business plan: the written document that lays out, in black and white and in a structured fashion, all of the things that you need to do, and have to happen, if the business you are planning is to succeed. Purpose of a business plan: known facts, the assumptions. List of tasks/resources: necessary forecasts, proposal to open the business. The resources: business needs capital, money to rent office space, retail, industrial space, address amount of money needed. Sole proprietorship: a business which is directly owned by one person: supplies all capital to start business, gets to keep all profits, responsible for paying all costs incurred, responsible for all debts and obligations. Liability: the legal and financial responsibility for something. Personal liability: the sole proprietor"s personal responsibility to pay all of the business" costs and settle its obligations. Unlimited liability: there is no limit to the amount that a sole proprietor might have to pay in compensation or damages.
