Management and Organizational Studies 2275A/B Lecture 6: Biz Law- Lecture 6

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Manufacturer and distributor or franchisor and franchisee: contractual relationship (different) Sole proprietorships: business and the person is the same thing, ex: person selling eggs is a sole proprietor, on your own: vulnerable. If you understand agency, you understand partnership: benefits of working together: more money, brains, horse-power, diversification of risk, and safety and security. Rather than working separately: share the decision making and the profits, became very common, and a law of partnerships developed, 1500s-1600s: business is booming (first sort of industrial revolution) King invented a legal business, all the powers of an individual, and will be (cid:272)reated (cid:271)(cid:455) la(cid:449). Eparate (cid:862)thi(cid:374)g(cid:863) that (cid:449)ill (cid:272)arr(cid:455) o(cid:374) (cid:271)usi(cid:374)ess a(cid:374)d the people who own it will not be entitled to the debts. Corporations: corporation is a person, legal authority to carry on business just the sale as a sole proprietor, corporations are the boss now (most dollar value compared to others)