LAW 603 Lecture Notes - Lecture 7: Authorised Capital, Unanimous Consent, Going Concern

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Law603 chapter 21 basic forms of business organizations. All torts committed, vicariously liable for all torts committed by employees. Can employ someone else but you cannot employ yourself. Gets all benefits but takes on all liabilities. Responsible for performing all contracts entering into the course of the business. Based on sole proprietor"s personal tax liability. Sole proprietorship: when a person carries on business on their own, without adopting any other form of business organization. Easy to set up, easy to dissolve (can stop carrying on business whenever you want) Unlimited personal liability: third parties may take all the sole proprietor"s personal assets to satisfy the business obligations. Managing the liability risk through: contracts and insurance. Name of company must be registered if name of company is something other than their personal name. Must have a business license: government permission to operate a certain kind of business. John"s smith work (must be registered), john (don"t need to register)

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