Forms of Business Ownership. Canadian Business Types In Canada, we generally have 4 types of business structures: 1.Sole Proprietorships 2.Partnerships.

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Presentation transcript:

Forms of Business Ownership

Canadian Business Types In Canada, we generally have 4 types of business structures: 1.Sole Proprietorships 2.Partnerships 3.Corporations 4.Cooperatives

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!)

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.

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.

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)

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. 53/#toc-_sole_proprietorship