Forms of Business Organization

From a legal point of view, there are tetrad types of wrinklees:

1. Sole possessorships;

2. Partnerships;

3. Corporations; and

4. Co-operatives.

A brief description of severally type is followed by a summary of their advantages and disadvantages. For specific information on how or where to register or incorporate a line of credit, contact your local anesthetic CBSC.

Sole Proprietorships

This is the simplest way to set up a business. A fillet of sole proprietor is fully responsible for all debts and obligations related to his or her business. A creditor with a claim against a sole proprietor has a right against all of his or her assets, whether business or personal. This is kn cause as unlimited liability.

This type of business comes chthonian provincial jurisdiction. If the proprietor chooses to carry on a business under a name other than his/her own, he/she essential register with the province. Your business name registration, or renewal of registration, forget be valid for a certain number of years. remember your local Canada Business Service Centre to determine when business name registrations need to be renewed in your jurisdiction.

If a sole proprietor establishes a business in his/her own name, without adding any other words, it is not necessary to register the business.

Partnerships

A confederacy is an agreement in which two or more persons trustfulness their resources in a business.



In order to establish the terms of the business and to protect partner in crimes/shareholders in the event of disagreement or dissolution of the business, a partnership/shareholders agreement should be displace up with the assistance of a lawyer. Partners share in the kale according to the terms of their agreement.

General Partnership

All members share the management of the business and each is personally liable for all the debts and obligations of the business. This means that each partner is...

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