p. 48118. Unincorporated business structures
- Lee RoachLee RoachSenior Lecturer in Law, University of Portsmouth
Abstract
This chapter examines the law governing unincorporated business structures (that is, those that do not have corporate personality), namely the sole proprietorship, and the partnership. It explains the concept of the two forms of sole proprietorship, namely the sole practitioner and the sole trader, and the processes by which a sole proprietorship is established, operated, and terminated. The chapter then discusses the three different forms of parternship, namely the ordinary partnership, the limited partnership, and the limited liability partnership (although the LLP is discussed in more detail in Chapter 19). The chapter discusses how to create a partnership, and looks at how the partnership is run, including a discussion of the partnership agreement. Finally, the chapter discusses the rules relating to the dissolution of the partnership.
