BLW 1002 Lecture Notes - Lecture 2: Legal Fiction
20 Sep 2016
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It is not federal law: the federal government is strictly limited in its powers by the constitution. 8 specifies the laws the government can make, and it mentions nothing about making laws concerning starting, running, or closing a business. It is state law: any topic for law-making not addressed in art. 8 of the constitution is than passed on to the state gov. for law-making (ex. Real estate laws, marriage laws, etc. : since art. 8 doesn"t specify laws about starting, running, or shutting down businesses, states make laws regarding these topics: the corporate laws are essentially the same form state to state. Bcl = business corporation law: specifies how to make your business a corporation. *any size or type of business can become a corporation: specifies how to run and close down a corporation. Npcl = not for profit corporation law: for corporations that are not businesses.
