Summary Business Organisation & Law, chapter 2 - $5.55   Add to cart

Summary

Summary Business Organisation & Law, chapter 2

Legal personality First thing to decide is whether to opt for a corporate legal form with or without legal personality. With a legal personality it’s called a legal entity. This is an independent legal organ, this means that like a natural person, it can take on obligations. The legal entity can enter into agreements; employ people, lease a building etc. If someone buys something from a legal entity it has an agreement with this legal entity and not with the manager of the company. If you buy from a businessperson who doesn’t have a legal entity, the person himself, take on the obligations. The company and the businessperson are considered to be one. A contract is concluded with the people who make up the company. If the company doesn’t meet its obligations, the creditor may draw on the personal assets of the businessperson. All companies that participate in economic transactions are registered in the Business Register of the Chamber of Commerce. Searches in the Business Register can be easily conducted online. One-man business, sole trader (Eenmanszaak ) A one-man business is a sole owner, a single responsible person. A one-man business has no legal personality and is not a legal entity. This means that the businessperson himself is responsible for all debts and takes all the risks. The operational liability is the responsibility of the businessperson. The owner of the one-man business is fully and personally (including his personal assets) liable. (The employees are employed by the owner of the one-man business).

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