Management and Organizational Studies 2275A/B Lecture Notes - Lecture 6: Fiduciary, Limited Liability Company, Law Of Agency

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

Document Summary

Material from week 4 to week 6. November 3, 2015 (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) Corporations: all big business is carried out by corporations, understand agency and notion that corporation is a person to understand corporate law. For legal purposes, a corporation is a person. Counterintuitive because corporations don"t exist, but are people . People are tangible and have a physical existence that corporations don"t. Legally, corporations are things person: can carry on business like a person, can own, buy/sell, sue, be sued, rent, etc . Not much distinction between corporations and humans. Not-for-profit corporations not carried on for profit. Business corporations to make profit: different from partnerships which exist to make profit, carry on for benefit of members, not profit. Charitable corporations subset of not-for-profit corporation: more of a tax status than type of corporation, not-for-profit organization that"s registered as a charity, can give out tax receipts for income tax purposes.