LAW 122 Lecture Notes - Lecture 7: Unanimous Consent, Canada Business Corporations Act, Professional Negligence In English Law
26 Dec 2016
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Every business faces risks, who bears the risks depends on the type of organization. In each organization the law strikes a balance b/w interests of the people who have stake in the business. : when a person carries on a business on their own, without adopting any other form of business organization i. e. you agree to cut neighbors grass. A sole proprietor cannot be an employee of the business because you cannot contract with yourself. Unlimited personal liability third parties may take all the owners personal assets to satisf(cid:455) the (cid:271)usi(cid:374)ess" s o(cid:271)ligatio(cid:374)s, as (cid:271)usi(cid:374)ess gro(cid:449)s a sole proprietorship is less appealing. Raising money to finance can only be done borrowing under the sole proprietor. Name must be registered if something other than proprietors personal name in every province or territory where they carry on business. Business license necessary for some types of activities. : government permission to operate a certain kind of business.
