A limited partnership consists of both general and limited partners. One or more general partners are responsible for managing the business. One or more limited partners contribute capital, and may work for the firm, but do not participate in its management. Unlike the general counterparts, limited partners are not exposed to unlimited liability, unless they take part in control of the business. Joint Ventures A joint venture is an association of two or more business entities for the purpose of carrying on a single enterprise or specific venture.
Joint ventures take several forms.
They can be set up as a separate corporation, a general or limited partnership, or the partners can simply jointly own business assets. Joint ventures between Canadian and foreign companies are an excellent vehicle for combining the strengths of the participating firms, while reducing the risk of taking on new markets. A franchise is a business relationship where a franchisee contracts for the right to sell proprietary products using business styles and methods developed by the franchisor. All franchises must comply with federal competition and trademark legislation as well as any provincial legislation governing businesses generally. New Brunswick does not have specific legislation dealing with franchising.