THE LAW OF BUSINESS ORGANIZATIONS Chapter 16 – Law of Sole Proprietorship and Partnership * Sole proprietorship – A business where the sole owner is responsible for the management and debts of the business. * Registration/licensing issues; Flexibility * Partnership – Partnership Act (Ontario) defines partnership as a relationship that subsists between two or more persons carrying on business in common with a view to profit. * Differences between partnership and co-ownership
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Exam for Business Law 84 questions Jurisdiction –the power to hear and decide a case. Has multiple dimensions. Appellate jurisdiction – the authority of a court to review a prior decision in the same case but made by another court Original jurisdiction – the authority of a court to hear and decide a dispute in the first instance Trial courts Supreme court of the US is in some instances an original jurisdiction court Treaties is an example of when supreme court Personal jurisdiction – inpersonam
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Business Essay Topic: Forms of Business Organizations It is important that the business owner seriously considers the different forms of business organization — types such as sole proprietorship‚ partnership‚ and corporation. Which organizational form is most appropriate can be influenced by tax issues‚ legal issues‚ financial concerns‚ and personal concerns. This essay explains the general impression of business organizations. A Sole Proprietorship‚ also known as the sole trader or simply
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Business Ownership There are three different forms of business ownership‚ the Sole Proprietorship‚ the Partnership‚ and the Corporation. Each of these businesses have major advantages and disadvantages. The sole proprietorship is a business which is owned and managed by one individual. Some of its advantages are‚ the ease of formation‚ its management control‚ and its distribution of profits. Some of the disadvantages are‚ its unlimited liability‚ the lack of continuity‚ the capital requirements
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Studyguide Sole Proprietorships the simplest form of business organization. Sole proprietorships are the most common form of business organization in the US. Major advantages: * Forming a sole proprietorship is easy and does not cost a lot. * The owner has the right to make all management decisions concerning the business‚ including those involving hiring and firing employees. * The sole proprietor owns all of the business and has the right to receive all of the business’s profits
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LAW AND CONTRACTS 1.Eagle Stores‚ Inc. borrows $5‚000 each from EZ Loan Corporation‚ First National Bank‚ and Great Products Corporation. Eagle uses its "present inventory and any thereafter acquired" to secure the loans from EZ Loan and First National. EZ Loan perfects its interest on April 1‚ followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement‚ giving Great Products a purchase-money security interest (PMSI) in the new
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Running head: BUSINESS ORGANIZATION AND ADR Business Organization and ADR Jennifer Sanders Business Law 575 November 18‚ 2013 Professor Natalie Brown Business Organization and ADR When starting a business as an entrepreneur involves the process of decision-making of several or one specific entity to assist with determining which type to form “such as‚” general‚ limited‚ cooperative‚ joint partnership‚ a franchise‚ or sole proprietorship. However‚ determining the type of business to create requires
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National Coal Co. v. CIR Facts: The National Coal Co.(NCC) was created by a special law and was enacted by virtue of Act 2705 in order to develop a coal industry. It was engaged in coal mining on reserved lands belonging to the government. The National Coal Co.(NCC) filed a case against the CIR for the recovery of sum of money it paid on protest as specific tax on 24‚089 tons of coals claiming exemption to tax pursuant to Sec. 14 and 15 of Act 2719. Issue: Whether or not NCC is a private corporation
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ANSWERS TO AICPA QUESTIONS CHAPTER 10 INTELLECTUAL PROPERTY RIGHTS AND THE INTERNET 1. (a) Computer software is covered under the general copyright laws and is therefore usually copyrightable as an expression of ideas. Answer (b) is incorrect because copyrights in general do not need a copyright notice for works published after March 1‚ 1989. Answer (c) is incorrect because a recent court ruled that programs in both source codes‚ which are human readable‚ and in machine readable object
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Business Law Practice Questions MULTIPLE CHOICE (answers at bottom of page) 1. Paul filed a lawsuit for false imprisonment against Dan’s Bookstore. During a visit to Dan’s Bookstore‚ Dan stopped Paul as he left the store. Dan accused Paul of stealing a book from the store. After briefly looking into Paul’s shopping bag‚ Dan determined that Paul did not shoplift. He apologized to Paul and released him. On these facts‚ Dan will likely: a. b. c. win the case‚ because the shopkeepers’ privilege
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