Corporate Law Flashcards

15226919083	Amalgamation	a process where two or more corporations combine to form a new corporation	0
15226919094	Dividends	a payment to shareholders from the corporation's profits, representing the shareholder's proportional interest in the profits	1
15226919107	Partnership	a business organization where tow or more people carry on a business together with a view to profit	2
15226919103	Notice of Directors	document filed to let corporate registry have notice of who the directors of the corporation are	3
15226919097	General Partnership	a form of business where two or more people carry on a business with a view to profit, with each partner acting as agent for the partnership and others and having unlimited personal liability	4
15226919111	Shares	the portion of a limited liability corporation that an individual owns	5
15226919113	Sole Proprietorship	a business owned and operated by a single individual without creating another form of business organization. Individual makes all of the profits and major decisions concerning the business	6
15226919092	Directors	an individual named in the articles of incorporation or elected by a corporation's shareholders to manage a corporation	7
15226919106	Officer	an individual appointed by the directors of a corporation to perform certain of the director's duties that are delegated to the officer	8
15226919089	Common Shares	shares in a corporation that allows the shareholders to have a right to vote at meetings , participate in the dissolution of the corporation and declare dividends	9
15226919086	By-laws	the permanent rules establishing how a corporation will be managed and operated	10
15226919098	License	a business arrangement where the owner of intellectual property allows another to use property in connection with another business in return for a fee or royalty	11
15226919104	NUANS	means "Newly Upgraded Automatic Name Search", this report only holds your chosen name for 90 days. You must incorporate within those 90 days or the name can be lost	12
15226919085	Articles of Incorporation	document that sets out a corporation's name and business structure	13
15226919105	Numbered Company	if you are unable to decide on a corporate name, your corporation will be known as this	14
15226919114	Unanimous Shareholder Agreement	an agreement that some or all of a corporation's shareholders enter into	15
15226919090	Corporate Seal	an impression seal showing the name of the corporation, the jurisdiction and the year of incorporation	16
15226919095	Fiscal Year-End	accounting period of corporations. Every period is different and depends on the corporation	17
15226919099	Limited Liability Partnership	this partnership generally limits individuals professionals' liability for their employees and other partners' negligence	18
15226919110	Resolution	a decision a corporation's directors have made authorizing the corporation to do a specific action or transaction	19
15226919091	Corporation	a business entity created by the provincial or federal government	20
15226919108	Preferred Shares	shares in a corporation that does not allow the shareholders to vote (silent shareholder)	21
15226919112	Shareholder	someone who holds shares in a company	22
15227040311	Who can pass resolutions?	Directors and shareholders (incorporators)	23
15227040312	shareholder resolution	- Shareholder who meets certain ownership requirements may submit to other shareholders for a vote - Numerous resolutions concern social issues	24
15227040313	ordinary resolution	a simple majority vote by shareholders	25
15227040314	special resolution	resolution on major decisions of a company (such as changing the company's articles or reducing its share capital) at a general meeting that must be passed by a certain majority, usually 75%	26
15227040315	Exceptional Resolution	Passed by higher majority	27
15227040316	Role of officers in a corporation	Must qualify to be directors, not required in bc companies	28
15227040317	par-value shares	stock shares that have a fixed face value noted on the stock certificate	29
15227040318	Common Shares	The most basic form of ownership in a firm; it confers voting rights and the right to share in the firm's profits through dividends, if offered by the firm's board of directors.	30
15227040319	Director's Responsibilities	Authority over every operation, needs to sign consent to assume this role	31
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