Ch14_3e - 14-1Copyright © 2007 by Nelson a division of...

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Unformatted text preview: 14-1Copyright © 2007 by Nelson, a division of Thomson Canada Limited.CANADIAN BUSINESS CANADIAN BUSINESS AND THE LAWAND THE LAWThird EditionThird EditionbybyDorothy Duplessis Steven Enman Shannon O’Byrne Sally GunzPresentation prepared by Presentation prepared by Allan Elliott, Southern Alberta Institute of TechnologyAllan Elliott, Southern Alberta Institute of Technology14-2Copyright © 2007 by Nelson, a division of Thomson Canada Limited.CHAPTER FOURTEENCHAPTER FOURTEENBUSINESS FORMS AND BUSINESS FORMS AND ARRANGEMENTSARRANGEMENTSOBJECTIVES:The characteristics of the major forms of business organizationsThe advantages and disadvantages of the major forms of business organizationsThe legal consequences of a partnershipMethods of arranging business activity14-3Copyright © 2007 by Nelson, a division of Thomson Canada Limited.SOLE SOLE PROPRIETORSHIPPROPRIETORSHIPSOLE PROPRIETORSHIP:an unincorporated business organization that has only one ownerowner has unrestricted legal responsibility for obligationsoldest, simplest form of business organizationno legislation pertaining to sole proprietorship as such14-4Copyright © 2007 by Nelson, a division of Thomson Canada Limited.SOLE PROPRIETORSHIPSOLE PROPRIETORSHIPPROS:simplicity speed and independenceprofit motivelower coststax benefits14-5Copyright © 2007 by Nelson, a division of Thomson Canada Limited.SOLE PROPRIETORSHIPSOLE PROPRIETORSHIPCONS:unlimited personal liabilityworking alonelimited access to capitallimited life spantax disadvantages14-6Copyright © 2007 by Nelson, a division of Thomson Canada Limited.PARTNERSHIPPARTNERSHIPPARTNERSHIPa business carried on by 2 or more persons that is not a corporationsimilar to a sole proprietorship, in that neither has a legal personality – or legal existence – separate from the people who comprise them14-7Copyright © 2007 by Nelson, a division of Thomson Canada Limited....
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This note was uploaded on 12/19/2010 for the course AFM 231 taught by Professor Briggs during the Winter '09 term at Waterloo.

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Ch14_3e - 14-1Copyright © 2007 by Nelson a division of...

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