LAW 1000 Lecture Notes - Lecture 9: General Partnership, Fiduciary, Federal Common Law
Document Summary
You have to check the trademark, business name, corporation, domain name registration which is under federal common law protection. Be sure business name is legally permitted avoid passing off, trade mark infringement and other legal pitfalls. Registering tour own business to protect yourself against future infringement: further consideration. Many businesses require a license and a business cannot violate local zoning by- laws. Form of business ownership: form of business: A business that is owned and operated by 1 person who is personally liable for the business debt. + can set off losses against other income for tax purposes. + unlimited personal liability the personal assets of the owner can be taken t pay the debts of the business. + pay tax at personal tax rates, which is higher than small business corporate tax rate. + 1 person does not usually have all the skills needed to run a business.
