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Sept. 27 Notes

by: Keturah Taylor

Sept. 27 Notes BUSA 2106

Keturah Taylor
GPA 3.67
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About this Document

Sole Proprietorship and General Partnerships.
Legal and Env Business
Class Notes
Entrepreneurship, Sole proprietorship, business, BUSA 2106




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This 2 page Class Notes was uploaded by Keturah Taylor on Wednesday September 28, 2016. The Class Notes belongs to BUSA 2106 at Georgia State University taught by Abalmazova in Fall 2016. Since its upload, it has received 11 views. For similar materials see Legal and Env Business in Business Legal Studies at Georgia State University.

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Date Created: 09/28/16
September 27, 2016 To form a Business 1) Obtain a required license/permit 2) Obtain sufficient insurance 3) Select a Name SBA: Small Small businesses (defined by the SBA) has less than/equal to 500 employeesBusiness Administration - 99.7% of U.S. businesses Non-employer businesses have no additional payroll employees Sole Proprietorship (SP) - Most common and simplest - May require a business license or certificate of trade name - No other formalities - Owner is the business o Liabilities:  Owner bears entire risk of loss  Unlimited personal liability of debt Easy to form May be hard to raise flexible capital Limited Owner has the right resources/expertise to all profits Subject to less proprietor'sited by regulation interest/death General Partnerships - Voluntary association of 2/more persons to carry on as co-owners of a business for profit - Sharing of profits - Joint ownership - Equal right in management o Agreements:  Company name  Names/addresses of partners  Principle office of partnership  Nature/scope of business  Duration of partnership Ex. For a term or “at will”  Capital contributions from each partner  Other contributions of partners Ex. “sweat equity” (labor)  Allocation of profits/losses; if unstated, presumed equal  Salaries/withdrawals  Duties of partners  Consequences of dissolution *can provide for buyout/continuation of business  No agreement [UPA GOVERNS] UPA: Uniform Partnership - Rights of Partners: Act  Participate in management  Share profits  Compensation  Information  Use property on behalf of Partnership  Accounting - Partners owe fiduciary duties to each other and partnership  Duty of loyalty (no competition against each other)  Duty of Care (refrain from negligent and reckless conduct) - Liabilities:  Have unlimited liability for debts of partnership (torts, breaches of trust and contracts) if assets are inadequate  Tort to third parties: partners are jointly and severally reliable  Contracts by agents/partners on behalf of partnership bind it and have joint liability for contracts if the entity is unable to pay them  Liability of incoming partners: liable for antecedent (existing) debts/obligations of the partnership only to the extents of their contributions.


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