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Business law cases and answers in 2017
What is a franchise?
A franchise is a business arrangement which allows the company owner to allow another person the right to undertake a particular set of activities that are commercial. Where the owner contracts with someone else to sell the products/services it generally identifies a business model sort. The right to operate the owner's business usually contains using that owner's company logo, goods, services, name, providers, etc. The owner generally gives this right in return for repair regular payment.
What forms do I need certainly to fill?
Each state/province has a group of normal forms (often available online) that you need to fill when you wish to incorporate or register your company. Normally, the main form to fill is articles of incorporation/organization or certificate of formation (in some American states). Depending on the jurisdiction, you might need to fill additional documents that relate to your own business' name and contact information.
Exactly what is a limited partnership?
A limited partnership is a partnership arrangement that's maybe more or one principal general partners that handle the business enterprise and one or more partners that usually do not participate in the direction.
Do I have to give my business a name?
In Canada, naming a business isn't necessitated. This name can later be changed by filing a name enrollment form together with the right provincial or federal authority.
Which are the advantages of incorporating my business?
The key advantage of incorporating your business is private protection from losses that are endless. If money is lost by your company or is being sues, you, personally, usually do not really have to be liable. Your personal assets remain protected if you don't decide to transfer them into your company.
Am I able to protect my personal assets?
Yes. You are able to incorporate your organization or transfer your assets to your spouse's name if you happen to be frightened that you may face personal liability for something that occurred in the course of running your organization. In the event you are a partner in a partnership, you transfer your assets for this corporation that is private as well as can incorporate yourself.
What is a joint venture arrangement?
A joint venture arrangement is a contract between a couple of businesses/individuals that sets out the terms, conditions, rights and duties/responsibilities of each and every party to the endeavor. The arrangement may also describe what the venture is all about and how much time it's going to survive.
What is sole proprietorship?
Sole proprietorship refers to a small business that's not incorporated and that's one owner. The owner gets to receives all the profits the company makes as well as incur its losses. The owner is ultimately personally responsible for your company.
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What exactly is a limited liability company?
It's one type of a business entity that entrepreneurs can pick when they start their companies. A Limited Liability Company (LLC) is a hybrid of a limited liability business plus a partnership. It's not an incorporated business. But the owners are protected from personal liability. In exactly the same time, the owners can take advantage of favourable tax treatment that generally applies to partnerships. By way of example, the LLC is treated as a partnership for tax purposes. And so the owners can get the company' income "flow through" the business and be taxed once.
What's the difference between articles of incorporation/organization and by-laws?
Corporate by laws are made for internal government whereas articles of incorporation are needed legally to be filed as a way to form a corporation. Although by-laws law also requires, they're a non-public document. Articles of Incorporation must be filed using a government registrar and be freely accessible for review. Articles can also be more difficult to alter than by-laws. Therefore, it is obviously desirable to keep Articles filled to minimum, while placing more provisions in the by-laws.
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