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Real estate questions answered from  Stephan Wilks

Business law cases and answers in 2017

April 21 2017 , Written by Stephan Wilks

Do I've to give my business a name?

In Canada, naming a company is not demanded. Once you register your organization and submit all of the forms, the registrar can provide you with a temporary default name such "12345 Ontario Inc.".

What is a franchise?

A franchise is a small business arrangement which allows the business owner to allow another person the right to undertake a specific group of commercial activities. Where the owner contracts with somebody else to sell the products/services it typically refers to a business model kind. The right to operate the owner's business usually comprises using that owner's business logo, goods, services, name, providers, etc. The owner normally gives this right in return for repair periodic payment.

Exactly what is a limited partnership?

A limited partnership is a partnership arrangement that's one or more main general partners that manage one or more partners that do not participate in the management and the company. These inactive associates are called limited partners.

What's a limited liability company?

A limited liability company is another term to get a corporation. Effectively, it describes the truth that the entrepreneur starting the company is protected from personal liability when someone sues the corporattion. Limited liability is usually denoted by the abbreviation of "Ltd".

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What forms do I have to fill?

Each state/province has a pair of normal forms (often available on-line) that you have to fill when you want to incorporate or register your company. With respect to the authority, you might need to fill added documents that relate to your own business' name and contact information.

Who is able to set an expert corporation?

In Canada, this company form is restricted to lawyers, accountants, Audiologists, chiropodists including podiatrists, chiropractors, dental hygienists, dental surgeons, dental technologists, denturists, dieticians, massage therapists, medical laboratory technologists, medical radiation technologists, midwives, nurses, occupational therapists, opticians, optometrists, pharmacists, physicians and surgeons, physiotherapists, psychologists, speech language pathologists, and respiratory therapists beneath the Regulated Health Professions Act.

What's shareholder agreement?

It is an agreement entered into by several investors. This arrangement is usually entered into when problems associated with transfer of shares, issuance of shares, and business management need to be concluded. If the agreement is entered into by all investors, it is known as unanimous shareholder agreement.

What is a limited liability company?

It's one sort of a small business thing that entrepreneurs can select when they begin their companies. It really is not an incorporated company. But the owners are protected from personal liability. At exactly the same time, the owners can benefit from favourable tax treatment that normally applies to partnerships. By way of example, the LLC is treated as a partnership for tax purposes. And so the owners can have the company' income "flow through" the company and be taxed once.

What is sole proprietorship?

Sole proprietorship identifies a small business which is not incorporated and that's one owner. Incur its losses too as the owner gets to receives all the gains that the business makes. The owner is ultimately personally accountable for your business.

Exactly what is a joint venture deal?

A joint venture arrangement is a contract between a couple of companies/persons that sets out the terms, conditions, rights and duties/responsibilities of each and every party to the venture. The arrangement might also describe exactly what the venture is all about and how long it's going to survive.

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