COB 218 Chapter Notes - Chapter 11: Foreign Corporation, Appellate Court, Franchising
Document Summary
Sole proprietorships and franchises: sole proprietorships: the simplest form of business, in which the owner is the business. 150k against sark and filed claim to set aside transfer of house: sark appealed arguing he did not intend to defraud quality, decision & remedy, appellate (cid:272)ou(cid:396)t affi(cid:396)(cid:373)ed lo(cid:449)e(cid:396) (cid:272)ou(cid:396)t"s judge(cid:373)e(cid:374)t i(cid:374) A traditional partnership is a separate legal entity in most states. Authorized by the state u(cid:374)de(cid:396) the state"s corporation law. Always a legal entity separate and distinct from its owners a legal fiction for the purposes of owning property and being a party to litigation. Determined by owner; automatically dissolved on o(cid:449)(cid:374)e(cid:396)"s death. Interest can be transferred, (cid:271)ut i(cid:374)di(cid:448)idual"s proprietorship then ends. Terminated by agreement of the partners, but can continue to do business even when a partner dissociates from the partnership. Although partnership interest can be assigned, assignee does not have full rights of a partner.
