RTA 315 Study Guide - Final Guide: Telefilm Canada, Copyright Modernization Act, Equipment Rental
13 Jan 2017
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Lecture #1 - introduction: forms of business organization. All assets at risk - unlimited liability. Ehrlick"s deli and barbershop freedom as your own boss tax benefits. Unlimited liability (lots of risk for debt) reliance on individual for skills and resources. Two or more persons combine their resources in a business with a view to making a profit. Under common law legal systems, the basic form of partnership is a general partnership, in which all partners manage the business and are personally liable for its debts - Way of raising money as a partnership. *partnerships legally are dissolved when one partner dies. Corporation is a legal entity - a person (legally) No shareholder is personally liable for debts, obligations of co. Directors, officers and insiders can bear some liability - piercing the corporate veil. By-laws (by-laws extract for directors and shareholders" meetings in ppt) Resolutions - decisions by shareholders or boards at the meetings; passed by the boards (ie. electing directors)
