A type of partnership used by eligible professionals that limits each partner’s individual liability for the obligations and liabilities that arise from their fellow partners’ negligence or misconduct. The partners are still liable for the ordinary debts of the partnership. Should not be confused with a “Limited Partnership” despite the similar name.
A partnership comprised of a general partner and a limited partner or partners. The general partner is responsible for the business and its liabilities. The limited partners are investors who do not take part in the business and whose liability is limited to their investment in the partnership. Like a corporation, certain registration requirements governed…
When two or more persons (including corporations) are in business together for the purposes of making a profit. It does not create a separate legal entity, but describes the relationship between those people. (By analogy, a marriage is a kind of non-commercial partnership and it will be understood that the two spouses remain separate legal…
A business owned and operated by a single person who is personally liable for the obligations of the business. There is no separate legal entity apart from the sole proprietor.
Legal responsibility for something.
A written or spoken agreement that is enforceable by law. The elements of an enforceable contract are an offer to enter into an agreement on specified terms, unqualified acceptance of the offer, and valuable consideration given in return.
Judge-made law that has been established over many years based on custom and judicial precedent. It is distinct from the law established by a statute.
A written agreement, to which all of the shareholders of a corporation are parties, that sets restrictions on the powers and obligations of the shareholders and directors of the corporation.
Written rules adopted by a corporation for the purpose of governing its affairs and its relationship with its shareholders, directors and officers.
Documents that set out how the internal affairs of a corporation should be governed. In Alberta, the constating documents are usually the Articles of Incorporation and the Bylaws.
