[BLW 1002] - Final Exam Guide - Everything you need to know! (49 pages long)

• School: St. John's University
• Department: BLW - BUSINESS LAW
• Course: BLW 1002
• Professor: Sabino

Document Summary

The amount of shares sold is limited only by the size of the willing market. c. i. 1. a. i. 1. a. Sell unlimited slices" of the pie as pieces of ownership in your company, a. k. a. stocks. Liability = the state of being reliable for something, especially by law: sole proprietor: personally liable for business debts; if business burns down," so does the owner. *shareholders cannot lose more money than they put in* Ownership: sole proprietor: if he/she wants out of the business, it becomes very complicated. He/she needs to find someone to replace them who would be willing to work with the other partners, and would also need to draw out an extensive legal document: corporation: transferring ownership is very easy. There is no need to transfer liability because the shareholder had no personal liability. *lesson learned: corporations are superior to other forms of business ownership* *note: you can become a corporation to exploit only 1, 2, or all 3 elements of the capitalist triangle.