Problem
Ashley (23 years old), Myra (23 years old) and Angelo (22 years old) are all graduated . The three friends enjoyed Today, they plan to start their own business. , the three are asking you for legal information,
Answer their questions. Support your answers with the applicable law and the knowledge you have gained in your Business Law course.
• Would it be possible to incorporate under Ontario law?
o Answer YES or NO, then justify your answer with a MAXIMUM of 3 LINES (5 points)
• Ashley wants to do the following: "I would like my liability to be limited to what I put into the business; and I don't want to have any decision-making power.
o What legal form of corporation would meet Ashley's wishes? Justify your answer with the applicable law.
• Finally, the three friends decided to form a "limited liability company".
o Can this limited liability company be incorporated under Canadian law (federal law)? Why or why not?