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Lecture 8

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General Engineering
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Law Lecture 8stMarch 21 2011thThursday 230730 5 floor site to review exams Human rights codediscriminationThe idea is to prevent discrimination INCLUDING the workplace The government has identified 12 characteristics and if discrimination is based on one of them a case can be brought up under the human rights codeList of inappropriate conduct consist of sex sexual orientation marital status age citizenship place of origin creed religion beliefs in the workplaceMeant to address several aspects of our life not just workWe want to operate a business of some kind never use the word company or corporation in the exam for running a businessJust say running a business3 main types of businesses well talk about1Sole proprietorship one person who owns the businessThey are the sole proprietorIts the default for it if you start a business lemonade standIt lasts as long as you stop running that businessThere are no difference in law between YOU and SOLE PFor liability purposes you are personally fully liable for the torts committed in SPThe assets obligations are yoursIf you have breached the contract and stuff like that you are suedIts very easy to start up because its starting a businessDownside is liability and tax issuesThe tax is coexisting with your own personal taxesYou will be claiming the profits from SP as your income and paying taxes on it2Partnership this is 2 or more people engaged in business with the intent to profitIn terms of liability a partnership requires an immense amount of trust in that partnershipIna partnership are you jointlyseverable liable you are equally liable for what they doFor tax purposes just like a SP and paid out to equal shares to the partnership so no different tax formsFor starting up there is a contract between the partnerships detailing liabilities rules for what is governed of the contractThe 2 are in an agreement of their rightsYou are fully liable for your partnerIn drafting a partnership agreement its about 254 thousandand really indepth start up costsLasts as long as the partners are engaged in business one leaves or dies 3Corporation a hallmark of a corporation it is a separate legal entityIn law is a fictional entity can sue or be sued a separate LEGAL entityex a corporation is a ship have officers of a corporations like CEOs directors of a corporations are like captains on a ship making the main decisions on the path it is going to takeMade by the board of governorsIf youre a director there are a lot of important duties1 You have to act honestly in good faith with the best interests of the corporation in mind which can be described as a fiduciary duty comes from latin ex being a parent is a fiduciary duty
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