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Chapter 10 (2ed) 1

Chapter 10 (2ed) 1

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Published by: api-522706 on Apr 13, 2008
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11/15/2013

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Forms of Business
Organization
1
Chapter 10
Within Canada
2
\u2022Three basic forms:

\u2013Sole proprietorship
\u2013Partnership
\u2013Corporation

\u2022Characterized by differing degrees of
control and risk
Sole proprietorship
3

\u2022a business that is owned by one person.
It may be managed by that person, or
others but all chance of profit and risk of
loss is borne by one who owns it.

\u2022Key Issues
\u2013Extension of the individual

\u2013Unlimited liability for actions, any or all of
owner\u2019s assets may be seized to cover debts,
judgments of any kind

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