LAW 122 Lecture Notes - Lecture 6: Legal Personality, Search Report, Canada Business Corporations Act
Document Summary
Allows individuals to become partners but avoid unlimited personal liability. One partner is the general partner: unlimited liability & The other partner is limited partner limited to their investment. Limited partnerships: ont. "s ltd partnership act, rso, (cid:883)99(cid:882) At least one (cid:498)limited partner(cid:499) with limited liability in the amount of the partner"s investment. Limited partners lose limited status if they control business, but not if they merely advise management. Limited partners can be employees of limited partnership i. e. , mge the ltd. Legal principle since that limited partner is not in control of the business in a personal capacity, they may have still have limited liability (nordile holdings v partnership but in her capacity as an employee not partner. Canada business corporations act requirements articles of incorporation. Name search report (unless numbered company) fee. Adopt general by-laws designation of officers. Shareholders" agreement to customize relationship prepare minute book. Corporation is a separate legal person (salmon v salmon (hl, 1897 footnote 36)
