LAW 204 Lecture Notes - Lecture 3: Sole Proprietorship, Regulatory Law, Estate Planning

• School: Queen's University
• Department: Law
• Course: LAW 204
• Professor: Christian Hurley

Document Summary

Learning objectives: differentiate business structure choices, describe unincorporated business structures, evaluate business structure choices. Common law is very applicable especially within partnerships. Business structure options: sole proprietorships, partnerships, lps and llps, other unincorporated structures, joint ventures, trust, unincorporated nfp organization. Law 204 corporate law f17 week 3: corporations, business corporation or nfp corporation. Sole proprietorships: a type of business entity owned and run by one individual, no legal distinction between the owner of their business, e. g. restaurants and small businesses. Partnerships: definition: partnership is the relation that subsists between persons carrying on a business in common with a view to profit (partnerships act) Law 204 corporate law f17 week 3: a codification of the common law; a per(cid:373)issi(cid:448)e la(cid:449). If (cid:455)ou do(cid:374)"t (cid:272)o(cid:374)tra(cid:272)t out of the partnerships. Nfp partnership does not exist: defines as a relationship, not a legal person in itself. Joint and several liability: for all claims against form e. g. tor or contract liability.