LAW 321 Lecture Notes - Lecture 9: Limited Liability, Legal Personality, Fee Simple
30 Dec 2019
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Ownership and property: review of the alternative legal structures for doing business, choice is determined by a number of factors: Risk and degree of tolerance for personal liability; Manner and level of benefit received from the business: brief review of the most notable alternative forms of holding real property. Simplest form of business organization: a person conducts business in his or her own name. There is no legal separation between the owner and the business on any level: The owner is exclusively and personally responsible for conducting the business; The owner is exclusively and personally liable for all torts and contractual or other breaches in regard to the business; The owner is exclusively and personally liable for all debts of the business; Income or loss from the business is included directly in the owner"s income or loss; The personal assets of the owner are at risk in regard to the operation of the business: advantages.
