{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ethics Notes Chapter 7.pdf

Ethics Notes Chapter 7.pdf - CHAPTER SEVEN Business...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER SEVEN Business Structures Sole proprietorship Partnership Professional corporation Multi-discipline practice Affiliation Permitted Business Structures Under By-law 8, paralegals may conduct business: o As a sole proprietor o In a general or limited liability partnership o In a professional corporation May also form affiliations or partner with other professionals in a multi-discipline practice Sole Proprietorship A sole proprietorship is a business owned by a single individual No legal distinction between owner and business entity Owner personally liable for: o Business debts o Harm caused by professional negligence or errors and omissions o Any criminal or civil wrongs committed in the course of business Partnership A partnership is a business owned by two or more individuals who share in the profits and losses Governed by Partnerships Act unless partners override the act in their partnership agreement May partner with other paralegals and lawyers in good standing with the Law Society Partners have a fiduciary relationship with one another General Partnership Partners are equally liable for business debts and obligations Joint and several liability: any judgement against partnership may be collected from each and all partners personally Limited Liability Partnership One partner is not liable for another’s professional negligence Partners have joint and several liability for: o Business debts o Criminal and civil wrong Firm name must contain the words “limited liability partnership” or abbreviation “LLP” Professional Corporation Corporation in which all shareholders are lawyers or paralegals Shareholders are not liable for business debts or civil/criminal wrongs, but are liable for professional negligence Firm name must contain the words “professional corporation” Governed by Business Corporations Act (Ontario) or Canada Business Corporations Act (Federal)
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Multi-Discipline Practice May partner or associate with non-lawyers or paralegals who practice a profession, trade or occupation that compliments legal services Requirements: o Paralegal partner has effective control over non- licensee’s services o All partners are of good character and comply with the Rules o All partners have professional liability insurance coverage May split fees with partners Affiliation May form affiliation with another entity to deliver or promote both services Must notify Law Society Requirements: o Paralegal owns business o Paralegal controls business o Affiliated entity does not use business premises for any purpose except to deliver joint services with the paralegal May not split fees with affiliates Rule 8: Practice Management Professional Responsibility Financial Responsibility Supervisory Responsibility Marketing Legal Services Professional Responsibility Rule 8.01(1)
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern