Control Freaks
The Tax Man Cometh
If I Go Down, I'm Taking You With Me
Money, Money, Money
Humber LLP
100
a type of business organization that gives the single individual running it complete control over all the business decisions.
What is a sole proprietorship?
100
The business organization with the simplest tax filing system.
What is a sole proprietorship?
100
100% personal liability for all debts and obligations of the business.
What is the biggest disadvantage of a sole proprietorship?
100
The person who owns a business by him or herself who gets 100% of the profits.
Who is a sole proprietor?
100
two or more persons carrying on business with a view to profit
What is a partnership?
200
An individual who contributes money or capital to a venture but cannot have any say in the day-to-day decision making process.
What is a silent partner?
200
The two business organizations that can use business losses as deductions against other income.
What are sole proprietorships and partnerships?
200
Limited liability for shareholders.
What is one of the biggest advantages of incorporating?
200
The amount the franchisee pays to the franchisor in exchange for use of its business model, support and supplies.
What is a franchise fee and/or royalties?
200
a limited partnership organized under the laws of a jurisdiction other than Ontario
What is an extra-provincial partnership?
300
The person/entity who is the ultimate say in what a corporation should be doing.
Who is a shareholder?
300
a business organization that can issue receipts that can be used for deductions for donations made to it by other individuals or entities.
What is a not-for-profit corporation or a charity?
300
One entity has owners whose liability is limited as long as they do not participate in the decision-making process of the business; the other entity limits liability of owners for the malpractice of another owner, where all of them may participate in the decision-making process of the business.
What is the difference between an LP and an LLP?
300
To get access to a greater pool of funding (without having to issue shares).
What is one reason why individuals choose to enter into partnerships?
300
A type of business organization between persons for a limited purpose or time with the intention to make a profit.
What is a joint venture?
400
The entity that exercises total control over the business model of a franchise, from how the business's building should look to how the business's product should be made.
Who is the franchisor?
400
The business organization that must file a separate tax return.
What is a corporation?
400
If the business is sued, any one of the owners of the business can be held liable for a portion or all of the debt or obligation.
What is joint and several liability?
400
Something all individuals/entities who carry on business should obtain if there is the risk of any personal liability in connection with their business or the actions of their business companions.
What is liability insurance?
400
An agreement that grants Party 1 the right to Party 2's property, in order to produce and distribute patented goods, where Party 2 exercises very little control over Party 1's business.
What is a licence or a licensing agreement?
500
The individual/entity who holds and controls business trust property for the benefit of the trust unit holders.
Who is the trustee of a business trust?
500
a business organization all of the ownership of which is privately-held, by Canadian residents, with several major tax advantages.
What is a Canadian-controlled private corporation (CCPC)?
500
The term used to describe the imaginary boundary separating the shareholders of a corporation from the corporation itself, and which protects shareholders from liability.
What is the corporate veil?
500
Everyone.
Who gets sued when something goes wrong?
500
The section and statute that contain the definition of a "partnership".
What is s. 2 of the Partnerships Act?
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