Business law cases and answers in 2017

Exactly what is a joint venture deal?

A joint venture arrangement is a contract between a couple of businesses/individuals that sets out conditions, the terms, rights and obligations/responsibilities of every party to the venture. The agreement might also describe what the venture is about and how much time it’ll last.

How do you choose a name for my company?

Choosing the business name is something which involves good business sense, imagination and careful research. You have the freedom to pick whatever name you prefer so long as certain constraints are met by it. Typically, you cannot select a name that already exists and that has been registered. You must run a business name search in just a specific state/province. Authorities websites regularly offer this service for a modest charge. A name cannot be confusing or deceptive.

Do I’ve to give my business a name?

In Canada, naming a business is just not needed. As soon as you register your company and submit all the forms, the registrar can give you a temporary default name such “12345 Ontario Inc.”. This name can later be changed by filing a name registration form together with the federal or provincial authority that was right.

What’s shareholder agreement?

It really is an arrangement entered into by two or more shareholders. This agreement is usually entered into when issues associated with transfer of shares, issuance of shares, and company management have to be concluded. In case the arrangement is entered into by all shareholders, it’s called unanimous shareholder agreement.

Do I’ve to run my company where I incorporated it?

No, there’s no requirement to run your business in the place of incorporation. On the other hand, the position of incorporation will determine which laws apply to your company in case there is a dispute. Thus, run elsewhere and it isn’t unusual for many businesses to incorporate in one province/state.

What’s a limited partnership?

A limited partnership is a partnership arrangement that has even more or one main general partners that manage the business and one or more associates that don’t participate in the management. Their obligation is limited to how much their invested in the partnership.

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What is a limited liability business?

A limited liability company is just another term for a corporation. Essentially, it refers to the truth that the entrepreneur beginning the business is shielded from personal liability when someone sues the corporattion. Limited liability is often denoted by the abbreviation of “Ltd”.

What is sole proprietorship?

Sole proprietorship refers to a company that isn’t incorporated and that has one owner. The owner gets to receives all the profits that the company makes too as incur its losses. The owner is ultimately personally accountable for the whole company.

Am I able to protect my personal assets from liability?

Yes. You can incorporate your company or transfer your assets to your spouse’s name, in the event you happen to be fearful that you could face personal liability for something that happened in the course of running your organization. In the event you are a partner in a partnership, you transfer your assets for this private corporation as well as can incorporate yourself.

What’s a franchise?

A franchise is a business arrangement which allows the business owner to allow another person the right to undertake a specific set of activities that are commercial. It generally refers to a business model sort where the owner contracts with somebody else to market the products/services. The right to operate the owner’s company generally includes using that owner’s company emblem, products, services, name, suppliers, etc. The owner generally gives this right in return for mend regular payment.

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