ADM 3360 Study Guide - Final Guide: Legal Personality, Polskie Radio Program Iii, Listeriosis
11 Jul 2014
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Corporation - only business structure that you are doing unless the law says you have to do something else, a separate legal entity! ex. Corporate doctors business assets separate from personal assets: ex. Low corporate tax rate: continuous existence - transfer shares by selling or a trust account. Rl - personal liability is bad, so lessen your liability over time until you can wipe your hands and go at anytime. Business rules: profits, manage itself without you, no personal obligations - ability to walk away. Always liable for labour costs, which is why employees go first. Trust - pass ownership to wife & kids. Corporate name - is as secure as a "business name" -> which has a legal element that must be distinct from other businesses. Nuden (strip club) vs nuden (vinyl products & roofing) Elements of a business name - also consider bilingual elements: distinctive element, descriptive element, mandatory legal element (corp, inc, ltd)
