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business law notes.docx

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Business Admin
BUSA 364
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Feb 10Sole Proprietorship To be avoided in law Because they involve the notion of personal liability for any wrong doing and torts You have no protection Even if you did not inflict something because the event occurred in your property you are liable Ex frozen food electricity goes out You give it to a customerand they get sick You are liable Partnership 4 key elementsA group of persons In law the concept of person could be any form of entity a union association corporation Exercising a tradeoccupationprofession Ex plumberretail owner accountant Prostitution is an occupation since it is legal and it must be in a private settingPutting assets in common could be material money intellectual property once you put it into the business the business owns it it will no longer be yoursWhat they do to profit 2 types of special partnershipLimited liability partnership LLP the partners have an unlimited liability for their malpractice but are not liable for the malpractice of the others You have the notion that you have unlimited liability for your own faults but you are not liable for the malpractice of your colleaguesIf it is for a criminal or fraugulent purpose even though you may not know about it you are liable for their faults Limited partnership liability of some partners is limited to their capital contribution In contrast general partners have an unlimited liability You always have general partners and they are the ones who will make the calls CorporationA body corporate that poses a separate legal entity and can exercise all of its rights as a limited liability entity A body corporate is an entity A legal entity has its own legal existence It has the same rights as a human being except where a law forbids it ex adopt a kid A corporation could be liable for a prosecution Limited liability in the sense that shareholders are liable to the extent of their investment Special Business arrangementsJoint ventures a grouping of two or more persons to undertake a particular project In a venture you will outline a timeline and obligations Could be for to get together to buy a business or to produce parts for companies Strategic alliance grouping of two or more persons with the intention of cooperating for some purpose Ex airline alliance Air Canada United Start Alliance Distribution agreement agreeing solely on the distribution of a service or product Sales agency where the agreement is to sell specific products or service Ex selling a tv show Product licensing I own the trademark or any intellectual property rights Trademarks and patents can be granted in a specific manner and they cannot be changedFeb 14ObligationEvery partner is an agent of the firm The notion of a firm is a partnership As a partner of the firm you can order some costs on the firm and all the partners are liable If you do not have control of a partner then how far may they go All the partners are jointly and severely liableWhoever has the most money and assets pays the tab of others The liability is unlimited and includes government obligations You are responsible for everything and you are asked to cover for that It also includes government obligations such as taxes To avoid paying for peoples tab you can transfer everything to your spouse However if she ditches you you lose Create a trust account and put everything in there Make it that you are the sole beneficiary of the trust You are responsible for any flatulent or criminal activity that affects the firm and its clients You cannot escape your obligations even though it is not of your doings2 types of special partnershipLimited liability partnership LLP Limited partnershipIn both cases you need an agreement to specify the obligations and the termsPeople need to know their obligations and what they are responsible for It must be in writing or people will invent their own How do we terminate the partnership Death of a partnerMental illness the court orders through a psychiatrist testimony that you are unable to make sound decisions File for bankruptcy Terminate the partnership 2 hours midtermDevelopment question3 of themHalf an hour for each question and another half an hour to go through it Use points write what is in your mindDefine the termsExplain elementsWill ask for class examplesRely on class notes March 2At 730 he got a callAn individual is going to be doing an event in Dragons Den This guy for the past 10 yrs has developed a cover with interchangeable leather that would match your home decoration That
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