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Definitions
The Act
100
business entity consisting of two or more people who are interested in making a profit,
What is a partnership?
100
Starbucks, Nike, Addidas
What are some corporations?
200
a type of business entity which is owned and run by one
What is sole-proprietorship
200
to allow corporations to carry on business throughout Canada, allows for uniformity of business corporation law.
What is the purpose?
300
owner of the company is only liable for the amount that they have invested.
What is Limited Liability/LLC/Limited Liability Company?
300
does not apply to corporations if the corporation is a bank, an insurance company.
What is the limitations?
400
company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
What is corporation?
400
shows when company is incorporated
What is the certificate of incorporation?
500
owner of a part in a company
What is a shareholder?
500
individuals who are less than 18 years of age, has an unsound mind, or has a status of bankrupt.
Who cannot be Incorporators?