Sept 23 - Articles of partnership-prevents misunderstanding...

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Articles of partnership -prevents misunderstanding and ill-will at some future date -not legally required in Canada Partnership advantages -easy to form -owners are taxed at personal rate -larger availability of money -diversification of management skills -retention of valuable employees -personal interest/satisfaction Partnership disadvantages -usually, unlimited liability (joint and several liability) -management difficulties -difficult to withdraw invest (death, insanity, incarceration, simple withdraw) Corporations Economic/social benefits -most effective means of managing productive resources: land, labour, capital -professional management and research -higher living standards (the circulation of assets process) Economic/social problems -bigness (monopolies, morale, price fixing) -environmental -political Forming the corporation -done federally or provincially -articles of incorporation must be drawn (name of corporation (cannot be in use), type/number of shares to be issued, number of directors, location of operations, purpose of business) Control of the corporation -shareholders -board of directors -senior management The shareholders -the owners of the corporation
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  • Fall '10
  • PETERKOPPEL
  • Corporation, directors -senior management, Corporations Economic/social benefits, capital -professional management, interest/satisfaction Partnership disadvantages

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