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Case Study Toxic Waste Business

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Submitted By vesposito
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Assignment 1 – LGST 369
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Case Study A & B
Victoria Esposito 3088325

Case Study A – 50 %

Stan is thinking about starting a toxic waste disposal business. He plans to collect the waste from businesses that produce it and then dispose of it in a sanitary landfill. In order to start this business, Stan will need a substantial amount of money to buy and develop the landfill site and purchase five trucks capable of transporting toxic waste.

Stan should have concerns about operating this business as a sole proprietorship, a sole proprietorship exists when a person carries on a business on their own, without adopting any other form of business organization, they are the sole owner of the business. The sole proprietor is exclusively responsible for performing all contract entered into the course of the business. They are also exclusively responsible for all torts committed personally in connection with the business. These two characteristics of a sole proprietorship are disadvantages that Stan should be concerned about, although the main disadvantage is unlimited personal liability, which means that third parties may take all the sole proprietors personal assets to satisfy the businesses obligations if they should get into some trouble. Another concern with sole proprietorships is raising money; the only method of financing if you do not already have the money is to borrow directly.
Sole proprietorships also have many legal requirements in order to get started. The first is that the name of a sole proprietorship must be registered if the name of the business is something other than, or more than, the proprietor’s personal name. Registration must be completed in every province or territory in which the business takes place. The second requirement is that a…...

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