chapter 3 - PowerPoint diljeet D X File Home Insert Design Transitions Animations Slide Show Review View Help Acrobat Tell me what you want to do Share & Cut Layout AAA . If Text Direction . Shape Fill - Find Ba Copy New Reset Align Text - / Shape Outline "2 7 { } = Arrange Quick Sha Replace - Paste Create and Share Format Painter Slide - Section - B I U S abe AV - Aa - ay - A . = = = Convert to SmartArt - " Styles - Shape Effects - Select Adobe PDF Clipboard Slides Font Paragraph Drawing Editing Adobe Acrobat 3 3.1 What is Tort Law? . Tort Law -an area of the law that holds an isiness accountable for either another person or business. .Provides guidelines of the repercussion Tortfeasor the person cota sitting ; mart, 3.2 Intentional and Unintentional Torts 3.2 Intentional and Unintentional Torts Intentional Tort-deliberate harm. . Unintentional Tort-not deliberate harm. deliberately eames harm to another individual or . Occurs when a person or business has caused harm to another person or business, not 15 deliberately but because the tortfeasor(s) is 3.2 Intentional and Unintentional Torts careless in their action. 3.2 Intentional and Unintentional Torts business " exposure actions that make a herpolicy recognizing what is a wrong action or 5 2017 McGraw-Hill Education Limited Business Exposure Click to add notes Slide 5 of 48 [ English (India) Notes Comments 9 8: -+ 82% 58 Type here to search O X P 2.28.11 PM 30-03-2021chapter 3 - PowerPoint diljeet D X File Home Insert Design Transitions Animations S Slide Show Review View Help Acrobat Tell me what you want to do Share do Cut Layout AAA . If Text Direction Shape Fill - Find Ba Copy - Paste New Reset [:]Align Text - / Shape Outline She Replace - Format Painter B I U S abe AV - Aa- ay - A . = = = Convert to SmartArt - " 7 { } Arrange Quick Create and Share Slide - Section . Styles - Shape Effects - Select Adobe PDF Clipboard Slides Font Paragraph Drawing Editing Adobe Acrobat careless in their action. 3.2 Intentional and Unintentional Torts business exposure actions that make a involves recognizing what is a wrong inthe faith exposure, Vicarious Liability . Vicarious Liability-an employer is Business Exposure . Has the situation been d responsible for injuries caused by an employee . Was it an employee or a contractor who is at . Was it deliberate or not deliberate? Was anyone injured? Were there financial damages? If so, in what while acting in the course of their employment. . An employer may even be held responsible for an 18 employee's criminal acts. Vicarious Liability . Vicarious Liability an employer is while acting in the course of their employment. 3.3 Types of Intentional Torts remedy the situation and attempt to return the njured party to as close as possible to their 8 @2017 McGraw-Hill Education Limited Remedy The SPREE .56 45 Click to add notes Slide 8 of 48 [ English (India) Notes + 82% 53 Type here to search O X P 2.30.51 PM @gan # ENG 30-03-202110.1 Forms of Business Organizations - Sole Proprietorshipa business operated for a prot by one individual who is responsible for the debts and liabilities ' Partnel'shipia legal relationship between two or more persons canying on a business for the purpose of eaming a prot. 10.1 Forms of Business Organizations -]oint Ventureia business activity. usually for a specic project or time period, carried on by two or more parties according to terms and conditions set out in a contract. 23 /42 > 50% |4 : W abl 4 Q Every corporation must have a name (or number assigned at the time of incorporation) that is registered with the government. 22 10.5 Corporations Shares-ownership interest in the corporation and are held by shareholders Common Shares-have the right to vote on certain corporate matters and to receive a percentage share of the residual property of the corporation on its dissolution. 10.5 Corporations Preferred Shares-have a priority over other classes of shares in terms of certain corporate actions, such as the payment of dividends. . Dividend Payments - distributing the profits earned by a corporation from its ties to its shareholders, with business activities to its payment based on the number of shares held. 10.6 Ownership and Management . Shareholders The shareholders own the corporation,I 50% |4 I : W abl 4 Q 10.5 Corporations A corporation is a distinct legal entity created by a government statute with the legal abilities of a natural person. . A corporation may own land, borrow or lend money, carry on a business, and sue or be sued in its own right. Shareholders have limited liability. 10.5 Corporations The incorporating documents set out the corporation's purpose and such information as the number of directors and the types of shares it will have. Letters Patent Articles of Association Articles of Incorporation. 10.5 Corporations There are several procedural steps for incorporation: The selection and approval of a name, o The selection of directors, The completion and filing of the incorporating documents. Every corporation must have a name (or number assigned at the time of incorporation) that is registered with the government. 22I 50% |4 : W abl 4 Q 10.6 Ownership and Management . Shareholder Rights: oAbility to vote in the annual election of directors. To inspect certain corporate records To approve the financial statements and the company's annual report. oTo share in the breakup value of the corporation upon its dissolution. 10.6 Ownership and Management Directors and Officers . The directors of a corporation are responsible for managing the business. Management of the company is separate from the owners. The directors must act and make decisions that are in the best interests of the corporation. 10.6 Ownership and Management . Director's Fiduciary Duty-an obligation to act honestly, in good faith and in the best interests of the corporation. oDisclosure of any conflicts of interest Not taking advantage of information obtained while acting as a director or an officer. May be personally liable employees' unpaid wages, employee source deductions, and environmental pollution.3 /48 > - 50% |4 : W abl # 4 3.1 What is Tort Law? . Tort Law- an area of the law that holds an individual or business accountable for either intentional or unintentional harm caused to another person or business. aProvides guidelines of the repercussions of a wrongdoing. aTort does not involve a contract between parties. Tortfeasor-the person committing a tort. 3.2 Intentional and Unintentional Torts Intentional Tort-deliberate harm. oOccurs when a person or business consciously and deliberately causes harm to another individual or business. Includes assault and battery, false imprisonment, slander, and libel. 3.2 Intentional and Unintentional Torts Unintentional Tort-not deliberate harm. oOccurs when a person or business has caused harm to another person or business, not deliberately but because the tortfeasor(s) is careless in their action.7 139 > - 50% 4 I W abl # 4 Q 8.2 The Employer and Employee Relationship . Employee-a person who is given direction and supervision along with the resources to do the job in exchange for money for work they do below a management level. oManagers manage employees and make decisions concerning their employees 8.2 The Employer and Employee Relationship . Employer-a business or organization that gives direction and supervision to a person and provides the resources to do the job in exchange for money. Employer tells the employee what to do in exchange for money. 8.2 The Employer and Employee Relationship . Independent Contractor-performs a service for an employer and renders an invoice or bill. Not covered under the employer-employee relationship. The service they render is dictated by a quote or contract. Contractors are not directly involved in the operations of the business