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Business Law Notes - Final.docx

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BusinessLawNotesCorporationonly business structure that you are doing unless the law says you have to do something else a separate legal entityex Corporate Doctors business assets separate from personal assetsEx Dentist1 million in equipment unhappy customers highest rate of suicideCorporation is a Company while a partnership is a firmNatural PersonHuman BodyCorporation has same rights as a natural personAssets of the corporation do not belong to the shareholdersShareholder is not responsible for debt unless you approve it personally only liable for thethey put inLow corporate tax rateContinuous Existencetransfer shares by selling or a trust accountRLPersonal Liability is BAD so lessen your liability over time until you can wipe your hands and go at anytimeBusiness Rules1Profits2Manage itself without you3No personal obligationsability to walk awayAlways liable for labour costs which is why employees go firstTrustpass ownership to wifekidsIndustry Canada provide a guide to incorporationCorporate Nameis as secure as a Business Namewhich has a legal element that must be distinct from other businessesNuDen strip club vs NUDEN Vinyl Productsroofing
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