8.5: Chapter Glossary and Notes

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Glossary

Sole Proprietorship. One person owns and operates for their benefit. The owner may operate the business alone or with other people. All assets of the business belong to a sole proprietor. Subsequently, a sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.

General partnership. A general partnership is a partnership in which partners share equally in both responsibility and liability. The owners are all personally liable for any legal actions and debts the company may face.

Limited Partnership. A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one, or more, limited partners (LPs). It is a partnership where only one partner is required to be a ‘general partner’. As in a general partnership, the GPs have actual authority, as agents of the firm, to bind all the other partners in contracts with third parties that are in the ordinary course of the partnership's business. Like shareholders in a corporation, limited partners have limited liability.

Job Description. Lists the responsibilities and functions of the job.

Job analysis. (Also known as a work analysis.) is a family of procedures to identify the content of a job in terms of activities involved and attributes or job requirements needed to perform the activities. Job analysis provides information to organizations that helps to determine which employees are best fit for specific jobs.

Core Competencies. These competencies describe in behavioral terms the key values of the organization and represent those competencies that are core to the organization’s principal mandate.

Job Family Competencies. These tend to be related more to knowledge or skill required for certain types of jobs (such as accounting for jobs involving financial administration, or a background in food preparation or service techniques for back or front of the house).

Technical / Professional Competencies. The technical/professional competencies tend to be specific to roles or jobs within the Job Family, and include the specific skills and knowledge (know how) to perform effectively.

Leadership Competencies. These are the key competencies for roles in an organization that involve managing, supervising or influencing the work of others in some way. Some organizations view "leadership" to be a part of every job of the organization in that employees should contribute and offer new or better ways of working regardless of their level or role in the organization.

Job Advertisement. The ads that you post should include keywords describing your company culture as well as your restaurant’s concept, style of service, opening date projection, and any relevant specifics regarding job description and schedule requirements. Incorporate the legwork you have done to define your brand and the types of person you are looking for to build ads that look and sound unique to your project.

Notes

Pettet, B. G. (2005). Company Law. Pearson Education. p. 151.

Courtney, Thomas B. (2002). The Law of Private Companies (2nd ed.). Bloomsbury Professional. 4.001. As a corporation, or body corporate, a private company is regarded in law as having a separate legal personality from its shareholders (owners) and directors (managers).

CollinsDictionary.com. Collins English Dictionary – Complete & Unabridged 11th Edition. Retrieved December 07, 2012.

Blumberg, Philip I. 1993. The Multinational Challenge to Corporation Law: The Search for a New Corporate Personality, discusses the controversial nature of additional rights being granted to corporations.

Business Corporations Act (B.C.) [SBC 2002] CHAPTER 57, Part 10.

Harold Joseph Berman, Law and Revolution (vol. 1): The Formation of the Western Legal Tradition, Cambridge: Harvard University Press, 1983, pp. 215–16.

Smiddy, Linda O.; Cunningham, Lawrence A. (2010). Corporations and Other Business Organizations: Cases, Materials, Problems (Seventh ed.). LexisNexis, pp. 228–231, 241.

Arth, Alison. 2017. How to open a restaurant.