LAW 321 Lecture Notes - Lecture 9: Fee Simple, Destination Canada, Listing Contract

• School: Ryerson University
• Department: Law and Business
• Course: LAW 321
• Professor: Peter Wilson

Document Summary

Review of the alternative legal structures for doing business: a key element in deter(cid:373)i(cid:374)i(cid:374)g (cid:449)hi(cid:272)h stru(cid:272)ture the(cid:455)"ll use is ho(cid:449) the(cid:455)"ll get the (cid:373)o(cid:374)e(cid:455) out of the (cid:271)usi(cid:374)ess. Choice is determined by a number of factors: risk and degree of tolerance for personal liability. Some approaches limit their personal liability, others do not: ease of operation, manner and level of benefit received from the business. Brief review of the most notable alternative forms of holding real property: ownership, commercial lease. This is the simplest form of business organization. ); if the business goes in default, and the debtors sue successfully, they have the right to seize the i(cid:374)di(cid:448)idual"s perso(cid:374)al assets. I(cid:374)(cid:272)o(cid:373)e or loss fro(cid:373) the (cid:271)usi(cid:374)ess is i(cid:374)(cid:272)luded dire(cid:272)tl(cid:455) i(cid:374) the o(cid:449)(cid:374)er"s i(cid:374)(cid:272)o(cid:373)e or loss: the personal assets of the owner are at risk in regard to the operation of the business. It is the simplest and least costly form of business to establish and operate.