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Bankruptcy (L013) - 1 lesson
Bankruptcy is the legal process whereby a debtor undertakes to protect his/her/itself from legal actions contemplated or commenced by creditor(s). When a debtor “goes bankrupt”, most of the property owned by the debtor is transferred to a licensed “Trustee in Bankruptcy”. The Trustee then collects the debtor’s property, makes certain enquiries about what the debtor has done with his/her/its property in the last 1 to 5 years prior to the Bankruptcy. This collection of property, which will include property the debtor receives after going Bankrupt and prior to the end of the Bankruptcy, forms the “Estate of the Bankrupt”. The Trustee will notify all of the debtor’s creditors. The Trustee is then responsible for the sale and distribution of the Estate and to pay out the proceeds of the sale to the creditors in accordance with established rules and priorities. This whole process is governed by the Bankruptcy and Insolvency Act (the B.I.A.). The B.I.A. is applicable in all of the Provinces and Territories of Canada. Following the Bankruptcy process, the person or corporation who went bankrupt, will receive a “discharge”. The discharge will result in most, but not all of the debts owed at the time of the Bankruptcy being extinguished. Thus, the discharged Bankrupt can begin his/her/its financial life anew.
Business Agreements (L011) - 1 lesson
Whether a business is small, medium or large – a successful business aims to profitably meet a need for a product(s) and/or service(s) in the market. The business person brings a myriad of skills and qualities to that task. Most business persons focus upon the details closely related to the day-to-day running of their business - satisfying and working with customers, negotiating and working with suppliers and training and motivating staff to improve the business. In operating a business, there are a number of key contracts which the business may be confronted with. Understanding these documents, the various options available when setting the terms and conditions and the rights/obligations created by these legal documents is key to the long term success and profitability of the business.
Business Entities and Agreements (L004) - 1 lesson
When starting a new business or when an established business is going to expand or grow by adding new owners, there are a number of questions which should be asked, including: · How should the business be organized? · Will it run as a Sole Proprietorship? · Should it operate as a Partnership? · What are the advantages to incorporating? In this segment, we will examine the Sole Proprietorship, the Partnership and the Corporation as the traditional entities used to carry on business. Understanding the strengths, weaknesses and costs associated with each entity, will allow the participant to evaluate which entity meets his/her business needs. When two or more persons are going to join together and undertake a business, the entities used are usually a Partnership or a corporation. As important as the entity used, is the agreement among the participants as to financial and time contributions, how and who makes the different decisions necessary to run the business, how disputes are to be resolved among the participants, the method to be used if one participant dies, or wants or has to leave the entity? How is the departing individual’s interest to be valued and paid out, and what are the departing partner’s ongoing responsibilities and obligations? These are the types of issues which are the subject matter of the well-drafted
Consumer Protection Law (L010) - 2 lessons
Consumer protection legislation affects our daily lives and is becoming increasingly significant in today’s economy where transparency and accountability prevail. This program provides a detailed examination of the Provincial and Federal legislation regarding Consumer Protection, which interact together in an attempt to regulate the marketplace and protect Canadian consumers.
Criminal Law (L015) - 2 lessons
Most people go through their lives and have no personal contact or interaction with the criminal justice system. Should you become involved in the criminal justice system - as a witness, a juror, a suspect or the accused, having a basic understanding of the system may be of great assistance to you.
Effective Collection Practices, Repairman's Liens & Other Tools (L005) - 1 lesson
The use of Collection Agencies and the Small Claims Court process can be effective in reducing a business’s bad debts. For the business which repairs vehicles, a lien for the value of the repairs is available until the repairman gets paid in full. Clearly, a business does not want to have to rely on liens and enforcement procedures to secure timely payment of amounts properly owing for work and materials already supplied to customers, but knowing how to use these liens and enforcement procedures and ensuring that the necessary prerequisites are in place is essential if you are to succeed against a determined customer who improperly does not want to pay your bill.
Equipment Leasing (L012) - 1 lesson
The equipment lease will be explored by the different types of equipment leases, the usual terms and conditions and the areas where a small business person might explore negotiation of the more important terms. The viewer will have a clearer understanding of the concepts and how those concepts can be used to enhance the value received under the equipment lease.
Family Law (L007) - 2 lessons
The family and the family relationship, however constituted, is the center of most peoples’ lives; it is not unusual to hear a business person credit the support and contribution of their family to the success of their business. Often family members, in particular a spouse, might make a significant contribution to the start up and running of a business, particularly a small, family business. This contribution may be either direct, by working in the business, or indirect, by taking on other family chores so as to allow the business spouse to have more time and energy for the business. On the breakdown of a relationship, the economic and emotional partnership between the parties must be unraveled, including the division of Property and providing for child and spousal support where appropriate. When a breakdown of the family relationship occurs, knowing the rights and obligations, which arise as a result of cohabitation and/or marriage, will assist you in understanding the issues and in dealing directly and effectively with them. Furthermore, in addition to the emotional stresses of a family dispute, financial issues, income, assets, liabilities, Property rights (even the disposition of the business itself) family law disputes and costly family law litigation can have a significant impact on your business and the livelihood of the family. The vast majority of family law disputes do not evolve into a "Battle of the Roses" – in fact, only a small percentage of such disputes are actually resolved in the court room. The adversarial system is not well suited to the resolution of the family law dispute, and the challenge for the spouses and their respective legal counsel is how to get to a settlement without exhausting the family's resources on legal fees, parenting assessments, valuators and other experts. Most family law disputes are resolved, at some stage, through a negotiated, mediated or arbitrated settlement. The settlement is usually evidenced either by Minutes of Settlement or by a Domestic Contract, more particularly, the Separation Agreement -wherein the rights and obligations of the parties in relation to Property, support - both child and spousal - custody and access to children and other issues are set out. If Court proceedings have been commenced, the matter can be resolved by the use of either a Separation Agreement or Minutes of Settlement, parts or all of which may be incorporated into a Court Order.
Labour & Employment Law (L009) - 1 lesson
The growth of many small businesses occurs with the growth in the number of employees. The current workplace is a highly regulated environment. Understanding these regulations will allow the small business to grow and avoid contravention of these regulations.
Motor Vehicles (L016) - 1 lesson
One of the most regulated activities of everyday Canadian life is the operation of a motor vehicle. With driving comes car accidents. Having a basic understanding of the issues which arise when this unfortunate and not infrequent event occurs can assist in reaching and efficient and equitable settlement of rights.
Protecting Your Assets (L002) - 1 lesson
Business owners and managers with an understanding of the various type of insurance policies will be better prepared to ensure the long term success and stability of their companies.
Purchase and Sale of A Business (L008) - 1 lesson
Entry into the entrepreneurial work force may come with the purchase of an existing, active business. As the business grows and develops, the opportunity to purchase an existing business may provide the basis for further growth. Similarly, the business’s growth may necessitate the sale of part of the business. Finally, your exit from the business world may occur with the sale of the business.
Real Estate Basics (L003) - 1 lesson
Real Estate, be it the leasing of a property from which to conduct your business or the purchase of a home or investment property, is often one of the largest financial transactions for most individuals and small businesses. Understanding the steps in a commercial lease, the purchase of a commercial/industrial condominium, the purchase of a residential or investment property and the typical aspects of a real estate transaction will assist you in achieving a more effective and hopefully more satisfactory result in your real estate dealings.
Wills and Powers of Attorney (L006) - 1 lesson
Most people do not like to think about Wills and Powers of Attorney because of the circumstances which make those documents very important – death and serious physical or mental incapacity. Yet the failure to have these documents in place can lead to needless emotional stress, family disputes, added expense and wasted time and effort. Wills and Powers of Attorney share the feature that they are an expression of a person’s intentions and direction when that person is unable to make those expressions – when they become physically or mentally incapacitated or after their death. Without a Power of Attorney or Will, there will be delay, possibly confusion and even law suits dealing with matters which could have been easily addressed by these documents. Notwithstanding the usual initial reluctance to face one’s frailties by the preparation of Powers of Attorney and one’s mortality by the preparation of a Will, once completed, most people find themselves both happy and relieved that they have taken care of these matters. If you do not yet have a Personal Care Power of Attorney, a Property Power of Attorney or a Will, you should deal with this immediately whether through legal counsel or otherwise.
Working with a Lawyer (L001) - 1 lesson
A lawyer provides valuable services and can be an important advisor to you in both personal and business matters. Thus, finding the "right" lawyer with the necessary expertise to provide legal services on a specific transaction or dispute is important and can make the difference in reaching a successful conclusion to the transaction or dispute. Not all lawyers have the same expertise, experience, personalities or procedures in dealing with clients. Lawyers have different ways of attacking issues, use support staff differently and have different rates and fees structures. The choice of lawyer may make a significant difference to the outcome of a specific transaction or dispute. Once a lawyer has been hired, working with the lawyer in as efficient a manner as possible will lower legal fees. As an educated client, participants should be able to work efficiently with lawyers, produce a better result and therefore save money and maximize the return on legal services.
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