Management and Organizational Studies 2275A/B Lecture 6: Business Law 2275- Lecture 6

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

A corporation is a separate legal entity: for legal purposes, a corporation is a person. In all legal senses, cases, statutes, a corporation is a person: individuals= humans. people= individuals + corporations: aka in income tax act, persons = individuals + corporations. While a partnership and a sole proprietorship are always carried on for profit, corporations are not always- ie) charitable, crown: business corporations, not-for-profit corporations. Is snot a charity because they don"t raise money: charitable corporations, not a corporate law corporation, is a type of not for profit corporation. Red cross is a not for profit, but its also a charity. Just like uwo is a charity: crown corporations, hospitals, universities, cities, the corporation of the city of london. We focus on business corps: because the corporation is a separate legal person, its legally distinct and separate from the people who own it- which is a very important feature of a corporation.