LAW 201 Lecture Notes - Lecture 9: Kingston, Ontario, Sole Proprietorship, Estate Planning

• School: Queen's University
• Department: Law
• Course: LAW 201
• Professor: Mary Jo- Maur

Document Summary

Business laws: tend to be statutory, can be permissive- like (cid:272)o(cid:396)po(cid:396)atio(cid:374)"s la(cid:449, can be restrictive- like business activity regulations. If (cid:455)ou"d like to a(cid:272)t fo(cid:396) la(cid:396)ge (cid:271)usi(cid:374)esses, e(cid:374)t(cid:396)ep(cid:396)e(cid:374)eu(cid:396)s o(cid:396) (cid:374)ot-for-profit organizations (nfps) What are the business structure options: sole proprietorships, partnerships, lps and llps, other incorporated structures, joint venture, trust, unincorporated nfp organization, corporation, business corporation of nfp corporation. Unincorporated options: sole proprietorship, partnerships, lps and llps, others, joint venture, trusts, unincorporated nfps. Sole proprietorships: a type of business entity owned and run by one individual, no legal distinction between owner and their business, most common type. Creation of sole proprietorship: no formal legal process, depending on type of business, operating license, hst registration, register the business name. Advantages: easy to create, owner has full control and keeps all the profits, not subject to formal organizational law or expenses. Disadvantages: unlimited personal liability for the owner, the business dissolves if the owner dies, ca(cid:374)"t take o(cid:374) (cid:374)e(cid:449) (cid:272)apital sou(cid:396)(cid:272)es easil(cid:455)