business law summative Flashcards
what is carrying out an enterprise by a CCQ?
the carrying on by one or more persons of an organized economic activity, consisting or producing property
what are considerations?
type of business + type of transaction–> financing, area of trade, number of employees, how are profits disyribiyed
what is a trade name?
the name your business is commonly known as or the name you use when advertising or doing business. cant be similar to an existing name
what is good will?
the ability to attract and maintain clientele will attach to a name. once a name becomes associated with goods and services of a certain quality it is said to have good will.
what is trade marK?
word, symbol, design (or combo of these 3), used to distinguish the services of one person or organization from those of others in the marketplace.
whats the purpose of a corporation?
engage in businsesses with a view to limit negative risks and manage the positive ones. corp has all capacities of a natural person. subject to the laws of that jurisdiction. it goes shareholders then directors then establish general policy then choose president
what is transfer of shares?
shareholders can transfer their shares. evidence of ownership–> share certificate. doesn’t affect business activities
what is immortality?
come to an end when shareholders surrender its charter/ goes bankrupt or court orders its dissolution
in case of fraud, who is repsonsible?
shareholders and directors
what is directors liability?
personally responsible for 6 months of scary of employee, tax deductions at the source improper dividend
what does article 322 say (fidicuiary duty)
must be honesty and loyal to shareholders
whats a private company?
security shareholders should be max 50. restriction on transfer of securities
public company?
found in secuirities act of QC. have to appoint auditors, shares have to be traded through a stock exchange
what does article 15 say in the Canadian charter of rights and freedoms?
everyone under the law has the right to equal protection and cannot be discriminated based on race, national or ethnic origin, colour, religion, ages sex or mental disability.
why is the QC charter more modern and inclusive?
Canadian charter is more than an act of the parliament, its the supreme law of the land and cannot be changed by another act. QC charter is an ordinary act of the provincial legislature. to change or amend the canaiden charter–> an act of parliament ratified confirmed by at least 7 provincial legislatures representing at least 50% of Canadas population.
