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Corporate Law

Corporate Law. Different Kinds of Businesses. A Business – “Every trade, occupation, and profession” (Ontario Partnerships Act) Sole Proprietorship Partnership Corporation. Seen Outside a Sole Proprietorship Coffee Joint. Salomon v. Salomon. Appellant: Aron Salomon

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Corporate Law

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  1. Corporate Law

  2. Different Kinds of Businesses • A Business – “Every trade, occupation, and profession” (Ontario Partnerships Act) • Sole Proprietorship • Partnership • Corporation

  3. Seen Outside a Sole Proprietorship Coffee Joint

  4. Salomon v. Salomon • Appellant: Aron Salomon • Leather Merchant and boot manufacturing • Required to have seven shareholders to become incorporated • Wife and kids became shareholders • When company went bankrupt, legal dispute around who should be responsible

  5. Corporate Structure

  6. Officers • Employees • Run day-to-day operations • Accountable to Board of Directors

  7. Board of Directors • Look after Corporation’s best interests • Elected by shareholders • Supervise and manage corporation • Determine long-term direction

  8. Shareholders • Meet Annually • Elect Board • Make certain deicisions

  9. Example of Corporate Structure: TD BANK • http://www.td.com/about-tdbfg/corporate-information/executive-profiles/group-heads/ TD President and CEO, Ed Clarke

  10. Do Education Boards count as Corporations

  11. A School Board is a legal Corporation • Angela Gauthier, Director of Education • Toronto Catholic District School Board

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