Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
personally responsible for all liabilities
What is a sole proprietor
100
Harnesses the combined talents and energies of all the partners Potentially taps the greater combined financial resources of the partners Spreads liability across the partners (jointly and severally
What is a general partnership
100
the oldest method of incorporation
What is a royal charter
100
Corporation-a corporation that does not offer its shares for sale to the public- (at least one director)
What is a non offering corporation
100
A percentage of the ownership of a corporation that entitles its holders to certain rights in the corporation
What is a share
200
shows if the name is Ok to use or not
What is a NUANS name search
200
Rights to vote to: Elect the board of directors Adopt the financial statements Approve the auditors for the coming year
What is a shareholder
200
Crown began to issue these – used to be called “royal charter” to create a commercial entity. Eg. Hudson’s Bay Company formed in 1670
What is a crown patent
200
A board of directors of a corporation that has a minimum and maximum number of directors specified in the articles Eg. Not less than 3 and not more than 5
What is a floating board
200
used to be a sum set out in the articles as to a minimum amount for which a share could be issued- allowed each shareholder to purchase shares at a cost not less than the cost paid by a previous shareholder
What is par value of a share
300
two or more people want to open a business together
What is a partnership
300
exercising their powers and discharging their duties shall: Act honestly and in good faith with a view to the best interests of the corporation, and Exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances
What is a director or officer of a corporation
300
OBCA and CBCA - is short for?
What is Ontario Business Corporations Act and the Canada Business Corporations Act
300
CBCA states that you are disqualified if: You are not at least 18 You are of unsound mind You are not an individual You are a bankrupt
What are directors qualifications
300
a shareholder remedy where a complainant may apply to the court for an order to rectify the matters complained of; shareholder must prove to the court that the concerns are oppressive or unfairly prejudicial to, or treat unfairly, a creditor, director or an officer of the corporation
What is oppression remedy
400
is a legal entitity
What is a corporation
400
form under the Business Names Act used to register a Partnership
What is Form 5
400
Limited liability of shareholders, perpetual existence, tax advantage and estate planning are all advantages to
What is incorporating
400
Is a right sometimes given to shareholders whereby every shareholder entitled to elect directors can cast a number of votes equal to the number of shares multiplied by the number of directors to be elected Eg. Shareholder has 100 shares – 5 directors to be elected – shareholder has 500 votes
What is cumulative voting
400
Shareholders participate fully in the corporation Receive dividends Receive any remaining property upon dissolution “Equity” are what kind of shares
What is a common share
500
a partnership in which each partner is jointly and severally liable for all debts and obligations of the partnership except for liabilities arising from professional negligence
What is a limited liability partnership
500
are responsible for day-to-day operation of the corporation in accordance with standards set out in the corporations act.
What is a director of a corporation
500
a document filed with the appropriate government authority that provides for incorporation Form 1 Business Corporations Act
What are Articles of Incorporation
500
Persons dealing with a corporation can rely on the fact that the directors and officers were properly elected and appointed; that they have the authority to deal with the corporation
What is the indoor management rule
500
Have priority over other classes Dividends paid to these people first May be voting or non-voting May have rights of redemption are what kind of shares
What is a preference share
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