A corporation is a form of organization that can be used for a wide range of businesses. In Canada, it is the dominant form of business association for both large and small businesses. Since a corporation is recognized as a separate, distinct legal entity from its owners, the shareholders, the liabilities of the corporation are its own and generally not those of its shareholders. This also means that the...
A partnership is a business form in which two or more persons carry on business in common with a view to profit. The B.C. Partnership Act regulates partnerships in B.C. In principle, a general partnership is an equal relationship. The partners may enter into a partnership agreement setting out the mutual rights and duties of each partner. However,
Are you unsure which form is best for you when starting your business? Stay tuned to this four part series from the UVic Business Law Clinic explaining all the ins and outs of the different forms!
A sole proprietorship consists of one person, the sole proprietor, who owns the assets of the business and is the ultimate decision-maker. When contracts are entered into in the respect of a sole proprietorship business, the sole proprietor will be the contracting party. Furthermore,