forms of business ownership. canadian business types in canada, we generally have 4 types of...
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Canadian Business Types
In Canada, we generally have 4 types of business structures:1. Sole Proprietorships2. Partnerships3. Corporations4. Cooperatives
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Sole Proprietorships
• Individuals that register this type of business are solely responsible for any debts (obligations), but all profits are theirs to keep.•As a sole proprietor, creditors can
make a claim (can sue you) and can take your business assets as well as your personal assets (your house!)
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Partnerships
•When two or more individuals set up a business, they are said to have a partnership.• They must develop a partnership
agreement (a legal document) that states to what extent each partner is involved and/or liable.
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Corporations
•When you incorporate your business, it becomes a separate legal entity from the owners or shareholders.•As a shareholder of a corporation, you
are not responsible for the debts of a corporation should the corporation go bankrupt.
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Cooperatives
•A business that is owned by a group of members.• The least common business structure
in Canada.•Members have limited liability, and
voting rights are typically assigned equally based on membership (democratic)
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Some Research
There are advantages and disadvantages of each type of business. Do some research using the link below and fill out the advantages/disadvantages table on the back side of this sheet.
http://www.canadabusiness.ca/eng/page/2853/#toc-_sole_proprietorship