Basic Concepts of Business Law
Course Description
Starting a small business is an exciting time for every entrepreneur. Making your dreams a reality is something every entrepreneur strives to do. However, a budding entrepreneur should ensure that they understand some basic legal concepts before starting their own business.
During an evening seminar, basic legal concepts are reviewed in two sections. The first section involves a discussion of business entities. He will review the concept of sole proprietorship, incorporation and the pros and cons of each. During discussion of each concept, we will branch into subtopics including business name registration, partnership agreements, shareholders agreements, and officer and director responsibilities.
The second section of the evening involves a discussion of the process of putting an approved loan into action including the security that a lender will often require as well as the background work that a client can accomplish prior to having their loan approved.
There is a discussion with an outline of a letter of offer or credit agreement presented by a financial institution Common terms and conditions that a borrower is likely to see is discussed, and the key components that are important such as repayment amounts, amortization periods, interest rates, prepayment penalties, assignment and default triggers.
After reviewing the basic concepts of the credit agreement, the discussion surrounds the basic security instruments that borrowers may be asked to provide, such as mortgages, promissory notes, general security agreements, security agreements, personal guarantees, waivers of distraint, assignment of rents and assignment of life insurance.
Final discussion is on items that would be required by a lender and legal counsel when processing a loan. An entrepreneur can address many of these prior to their lender approving the security or credit agreement. These include life insurance, fire insurance, liability insurance, surveys or location certificates, tax certificate for property taxes, pre-authorized payment arrangements including void cheques and contact information for all parties involved.
Questions and answer discussion period concludes the evening.
“ Having just completed the LAE ten-week Project Management Essentials Course, I can say whole heartedly that it was an extraordinary experience. Instructor Lynn MacKinnon taught this course with a level of professionalism and courtesy where she welcomed every student into the class with warmth and a smile. Our group was made up of business professionals involved in a wide variety of industries both small and large whose primary goal was to learn the necessary skillsets that could be applied to our respective businesses. To say this course met our expectations is an understatement as the class discussions allowed us to take the curriculum and apply it hands on to our respective business cases. Since completing the course I have had the opportunity to apply it to both our family business and to a large scale project with my corporate employer. I highly recommend the Project Management Essentials course as it allows you to breakdown your project to its fine points and build a foundation to start your ideas and goals. It allows you to plan your budget, set your target milestones and develop a step-by-step process to completion. This course should be the baseline for any business owner or entrepreneur.”
JAMES TAYLOR
Business Development Officer
COMMISSIONAIRES NOVA SCOTIA