LAW 122 Chapter Notes - Chapter 21: Professional Negligence In English Law, Corporate Tax, Search Report

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Alexander Stack

Document Summary

Explain how a sole proprietorship is created and how it operates. Describe the advantages and disadvantages of using a sole proprietorship to carry on business. Identify and apply the factors that determine when a partnership comes into existence. Describe strategies for minimizing the risk of being a partner. Identify the key elements of a partnership agreement. Describe the process of incorporating and organizing a corporation. Describe the implications of the separate legal existence of the corporation. Explain the division of power amongst the shareholders, directors, and officers to manage and control the corporation. Identify the basic characteristics of shares of a corporation. A business licence is government permission to operate a certain kind of business. *for the 3rd poi(cid:374)t, they"re (cid:374)ot (cid:373)erely so(cid:373)e passi(cid:448)e i(cid:374)(cid:448)estors. They"re proa(cid:272)ti(cid:448)ely (cid:373)a(cid:374)agi(cid:374)g their shares of properties and profits: managing liability risk if you are a partner, each partner owes a fiduciary duty to the others.