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Setting Up Business in Canada Must consider their likes, dislikes, and dispositions, their immediate and long-range needs and the advantages and disadvantages of each. Sole Proprietorships- a business owned (and usually operated) by one person who is personally responsible for the firm's debts (liable). * Most are small, employing only one person, can be any size * May start as one, and turn into another Advantages: * Freedom * Privacy * Reap rewards or suffer penalties alone * Simple to form -> short life span * Low start up costs, tax benefits Disadvantages: * Unlimited liability * Lack on continuity -> business dies with owner * Reliance on one person * Difficulty raising money Partnerships- a business with two or more owners who share in the operation of the firm and in financial responsibility for the firm's debts, often extension of sole proprietorship, many professional organizations such as legal, architectural, and accounting firms are partnerships. Types: General partnership- all partners have unlimited liability for firm's debts Limited...

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