Why is it so hard to know where you ‘legally stand’? Why do you need to go see a lawyer and spend hundreds or even thousands of dollars just to be told: here is what your rights ARE or COULD BE. Where is the certainty in the legal world? The difficulty lies in the context. Contexts change. Here are some of the different contexts:
- Corporate
- Securities
- Tax
- Bankruptcy
- Tort / Negligence
- Contract
- Other statutes
Take the following example. You want to create a limited partnership to raise capital for investment purposes. But you also have some questions. What about this? What about that? What about issuing limited partnership interests? That’s securities laws. What about the internal governance of the general partner? That’s corporate law. What about the profits and losses passing through to limited partners? That’s limited partnership law, contractual law, and tax law. So you see: where you legally stand (i.e .what your rights and obligations are) will depend on the legal context.
Related posts:
- Toronto Partnership Lawyer: Limited Partnerships (Part 4) – Securities Laws Compliance
- Toronto Partnership Lawyer: Limited Partnerships (Part 3) – Separate Legal Entity?
- Definition of “Common Law” Relationship depends on context…
- Toronto Partnership Lawyer: Limited Partnerships (Part 5) – Tax Considerations
- Starting your own practice? Picking the right legal structure (Part 4)
- Who owns an artistic work in the context of a business deal?
- Legal Opinions: Why You Need One!
- Toronto Partnership Lawyer: Limited Partnerships (Part 6) – More on Limited Partners…
- Toronto Partnership Lawyer: Limited Partnerships (Part 1) – All about LPs
- Toronto Partnership Lawyer: Partnership Agreement Template (Part 1)
