Questions on business law in 2017

Published on by Cornelius Henley

What is a franchise?

A franchise is a business arrangement which allows the business owner to grant the right to undertake a particular group of activities that are commercial to another person. Where the owner contracts with somebody else to sell the products/services, it typically identifies a business model type. The right to manage the owner's business generally includes using that owner's company emblem, goods, services, name, providers, etc. The owner usually gives this right in return for repair regular payment.

What's the dissimilarity between articles of incorporation/organization and bylaws?

By-laws will commonly cope with less permanent and less fundamental aspects of the corporation’s organization and so are embraced at meetings of the directors and shareholders of the corporation. Generally, a corporation will have a first meeting within six months of its own incorporation as a way to embrace any bylaws it could feel are important to have. Bylaws will typically set out the conditions to be a manager, where and when the directors and investors will meet, the remuneration of the business’s directors, officials, and accountant, stipulations around issuing shares and dividends, the corporation’s fiscal year end date, and every other important corporate governance provisions that the corporation wants to be regulated by.

Do I've to give my business a name?

Naming a company is just not necessary.

What's shareholder agreement?

It truly is an agreement entered into by a couple of stockholders. This understanding is usually entered into when issues related to transfer of shares, issuance of shares, and company direction need to be resolved. In case the arrangement is entered into by all investors, it is called unanimous shareholder agreement.

What are articles of incorporation?

Articles of Incorporation is a form that when incorporating a small business, one needs to fill. This form is applicable in Canada. They include name of the organization, the province where the enrollment takes place, any classes and number of shares that the organization can issue, any limitations of transfer of shares, any limitations on the business that the corporation can carry out, and processes for meetings of managers.

Exactly what is a joint venture agreement?

A joint venture arrangement is a contract between two or more businesses/persons that sets out conditions, the terms, rights and duties/obligations of each and every party to the endeavor. The deal may additionally describe exactly what the venture is all about and how long it is going to survive.

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Who is able to set up an expert corporation?

 

What's sole proprietorship?

A business is referred to by sole proprietorship which is not incorporated and that has one owner. Incur its losses as well as the owner gets to receives all of the gains the business makes. The owner is ultimately personally in charge of the whole business.

Do I have to run my company where I incorporated it?

No, there is no condition to manage your organization in the place of incorporation. On the other hand, the position of incorporation will determine which laws apply to your business in case of a dispute. Therefore, manage elsewhere and it is not unusual for many companies to incorporate in a single province/state.

What's a limited liability company?

It is one sort of a small business entity that entrepreneurs can pick when they begin their businesses. A Limited Liability Company (LLC) is a hybrid of a limited liability company as well as a partnership. It really is not an incorporated company. But the owners are protected from personal liability. In the exact same time, the owners can benefit from favourable tax treatment that usually applies to partnerships. For instance, the LLC is treated as a partnership for tax purposes. So the owners can get the company' income "flow through" the business and be taxed once.

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