ADMS2610-Session7-Ch16 - ADMS2610 Session 7 Chapter 16 (pg....

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ADMS2610 Session 7 Chapter 16 (pg. 286-300) Sole Proprietorship – a business where the sole owner is responsible for the management and the debts of the business - simplest form of business - unlimited personal liability - limited ability to raise capital - may require registration or license Partnership – a legal relationship between two or more parties for the purpose of carrying on a business with a view to a profit - does not include organizations not in business for profit o charities, social clubs, sports groups Historical development of Partnership - originally common law - it is a mix of common law and statute law today - most recent development is the “limited liability partnership” or LLP Nature of a Partnership - sharing of profits - contribution of capital - active participation in management - part ownership or co-ownership not necessarily a partnership Difference from Partnership vs. Co-ownership - Partnership o contractual o founded on mutual trust o partner agent of other partners and the partnership o partners share in partnership property is always personality (personal not real property) o subject to partnership Act - Co-ownership o Arises in several ways (succession or inheritance)
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This note was uploaded on 03/25/2011 for the course ADMS 2610 taught by Professor Joshuasera during the Winter '10 term at York University.

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ADMS2610-Session7-Ch16 - ADMS2610 Session 7 Chapter 16 (pg....

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