COMM 315 Chapter Notes - Chapter 6: Root Mean Square, Corporate Law, Canada Business Corporations Act
13 Apr 2017
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Business ownership: carrying on of organized economic activity. Three most common in canada: sole proprietorship, partnership, corporation. Provincial gov can regulate sole proprietorships and partnerships. Most common form for business start-ups because least complex form. Entrepreneurs are in one to maintain only part-time participation in enterprise and don"t want to take on partners or invest capital for incorporation. Can use his/her personal name for business. Minor in any trade/business considered to be of full age as regards any transaction related to that business. Minors can"t use defense of lesion (claiming they were unfairly taken advantage of because of their age) to escape their responsibilities under contracts entered for the purpose of their business. Person who carries on business required to register with qu bec gov authorities. Annual update required and fee paid each year. Person who uses own name as business name doesn"t need to register but can.
