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Corporations
Advantages
Disadvantaged
Stockholders not liable for corporate debts Self-employment tax savings Easier to raise money Corporations do not expire after death
Higher costs Formal organization –
technical formalities (board
and shareholders meetings)
Sole proprietorships/Partnerships
Advantages
Disadvantaged
Cheaper to set up and run Less formal Do not have to pay unemployment insurance
taxes
Earning from a sole
proprietorship are subject to
self-employments taxes
Expires after death Harder to raise money
2. Sale of Goods
contract - biding agreement between two or more parties, which can be inforced by the court
express terms (specificky vyjádřené podm.) - contractual clauses/provisions which are clearly stated by
the parties
disclaimer - statement that the particular party is not responsible or liable for something
implied terms (nepřímo vyjádřené podmínky) - contractual terms which are not expressly stated
Disclaimer - refusal of rights or liability which might otherwise fall upon the person
Merchantability -an implied term concerning the quality of the goods
Product liability - the responsibility of a manufacturer or vendor of goods to compensate for injury caused
by a defective product
Purchaser - a person who buys
Refund - a repayment of a sum of money
Statute barred - action, or right, that can no longer be the subject of a legal action because of the time
limit imposed by the limitations act
Statute of limitation - the law establishing the maximum period of time within which an action must be
brought
Terms - the elements of a proposed contract
Vendor - a person who sells
Warranty – a.) a non-essential contractual term (vedlejší smluvní podmínka) b.) a guarantee given on the
performance of a product (záruka)
Liability for loss – legal responsibility for causing harm / damage / injury
Consumer – a person who buys goods or services for their personal use
Express terms (specificky vyjádřené podm.) – contractual terms which are clearly stated by the parties
Implied terms (nepřímo vyjádřené podmínky) – contractual terms which are not expressly stated
Aggrieved party – Injured party / party harmed
Seek damage- ask for monetary compensation