Corporate law Crossword
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
 
 
Down: 1) Each partner is liable for the debts and obligations of all partners Partners are bound by the acts of the other partners2) Closely regulated and expensive to form Extensive corporate records required, including shareholder and director meetings, and documentation filed annually with the government Possible conflict between shareholders and directors Residency Requirements of directors3) Each partner is jointly and severally liable for the debts and obligations of partnership EXCEPT for liabilities arising from professional negligence5) Limited personal liability Ownership is transferable Continuous existence Separate legal entity Easier to raise capital Possible tax advantage as taxes may be lower for an incorporated business6) Ease of formation Low start-up costs Additional sources of investment Broader management base7) Considered a legal entity (or person) Shareholders own the corporation Directors make decisions for the corporation Highly governed Limited personal liability to shareholders and directors Across: 4) Unlimited liability (for general partners) Lack of continuity Hard to find suitable partners Possible development of conflict between partners Divided authority8) One or more general partners Limited partner’s liability is limited to the amount of contribution9) Sole Proprietorships Partnerships Corporations Cooperatives10) The simplest form of business in Canada One person owns and operates the business Self employed individual Personally liable for all debts of the business11) Can be two or more individuals Carry on a business in common Partnership agreement 3 Types of partnership12) Easy and inexpensive to form and maintain Lowest amount of regulatory burden Direct control Tax advantages if your business is not doing well All profits will go to the owner13) Sets up business structures Liaises with government authorities Maintains corporate records Drafts contracts and agreements14) General Partnerships Limited Partnerships Limited Liability Partnerships15) Unlimited personal liability Difficulty raising capital Lack of continuity in business organization in the absence of the owner
 

 

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