Business Formation & Contracts
What are the three main types of business structures?
Sole proprietorship, partnership, corporation.
What do laws do to protect consumers?
They protect consumers from unfair or unsafe business practices.
What does a copyright protect?
Original creative works, such as books, music, or art.
Name one right that employees have.
Safe working conditions, fair pay, or protection from discrimination.
Did you know… when being fired, your employer usually has to:
A) Tell you in advance or give you pay instead of notice
Why do you need to register your business if you’re not using your legal personal name?
So your business is legally recognized and can operate under that name.
What must companies provide about their products?
Honest and clear information about what the products do and how much they cost.
What does a trademark protect?
Brand names, logos, and symbols used to identify a business.
What must employers provide to keep the workplace safe?
Follow occupational health and safety (OHS) rules and prevent harassment or discrimination.
Did you know… your boss can legally make you work through your lunch break?
B) No, you’re entitled to a 30-minute break after 5 hours
What is a legal requirement from the CRA when starting a business in Canada?
Register for GST/HST if you collect it, have employees, or import/export goods.
What can a consumer do if a product is faulty or doesn’t work as promised?
Get a refund, repair, or replacement.
What does a patent protect?
New inventions and technologies.
What is wrongful dismissal?
Being fired unfairly or without proper cause.
Did you know… you can refuse to do a job if it’s unsafe?
A) Yes, that’s your legal right under the OHSA (Occupational health and safety act)
Name one legal remedy if a party fails to follow a contract.
Damages (monetary compensation), specific performance, rescission, or injunction.
What is illegal when companies secretly agree on prices?
Price fixing.
Who uses copyrights, trademarks, and patents?
Creators, inventors, and businesses to protect their work and ideas.
Name one responsibility of the government in business regulation.
Enforcing labor laws, issuing licenses, or protecting employee privacy.
Did you know… if your boss doesn’t pay you, you can contact:
B) The Employment Standards Office
What is included in an employment contract between employer and employee?
Job duties, pay, hours, workplace expectations, and possibly a non-compete clause.
Why are monopolies not allowed?
A company cannot control an entire market unfairly because competition ensures better products and prices.
Why do companies use intellectual property protection?
To prevent others from copying their work, maintain their brand identity, and secure profits.
What types of rules or protections cover employee data?
Privacy laws and data protection regulations.
Did you know… your employer can’t treat you unfairly because of:
B) Your race, religion, gender, or age