Business law questions and answers in 2017
What's a franchise?
A franchise is a small business arrangement that allows the business owner to allow the right to undertake a specific group of commercial activities to another person. It generally describes a business model kind where the owner contracts with somebody else to market the products/services. The right to operate the owner's company usually contains using that owner's business logo, products, services, name, providers, etc. The owner generally gives this right in return for mend periodic payment.
Am I able to protect my personal assets?
Yes. You transfer your assets for this corporation that is private and can incorporate yourself in case you are a partner in a partnership.
Who can set a professional corporation?
How do you select a name for my company?
Picking out a business name is a thing that requires great business sense, imagination and careful research. You've the freedom to pick whatever name you prefer as long as it satisfies with certain constraints. Typically, you cannot pick a name that continues to be registered and that already exists. You need to conduct a business name search within a particular state/province. Government sites regularly offer this service for a modest fee. A name cannot be deceptive or confusing.
What forms do I have to fill?
Each state/province has a collection of conventional forms (often available online) that you have to fill when you need to incorporate or register your organization. Usually, the key form to fill is articles of incorporation/organization or certificate of creation (in some American states). Depending on the jurisdiction, you will need to fill added records that relate to your business' name and contact information.
What is a limited partnership?
A limited partnership is a partnership arrangement that has even more or one chief general partners that handle one or more associates that tend not to participate in the management and the business.
What is the dissimilarity between articles of incorporation/organization and by-laws?
Corporate by-laws are made for internal government whereas articles of incorporation are required legally to be submitted to be able to create a corporation. Although bylaws may also be required by law, they may be a non-public record. Articles of Incorporation must be filed using a government registrar and be freely available for review. Posts can also be more difficult to alter than by-laws. Thus, it is always desired to keep Articles while placing more provisions in the by-laws.
What's a limited liability company?
A limited liability business is just another term for a corporation. Effectively, it refers to the fact that the entrepreneur starting the company is protected from personal liability when the corporattion is sued by someone.