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CANADIAN LAW Chapter 7 – Methods of Carrying on Business What are the 3 main types...

CANADIAN LAW

Chapter 7 – Methods of Carrying on Business

What are the 3 main types of business organizations?

Give the definition of partnership under the partnership act.

What is the purpose and effect of the partnership act?

Can a partnership agreement modify the partnership act, if so give an example?

What is the nature of a partner’s duty and to whom is that duty owed?

Explain how a partnership will end.

Business   Operations-Management   
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Answer #1

Answer to first part:

1. Partnership: In a partner ship, your resources are combined with your partners and put in to the business. All profit is shared between the partners according to the legal draft drawn up

2. Corporation: Incorporation of a business is done at a territorial level. Once you incorporate, the business will be considered a separate legal entity with shareholders having limited liability

3. Co-operative: It can be set up for profit or not-for-profit purposes by an association of members through a pooling of resources.

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