Popular in Law and the Ethical Enviroment of Business
Popular in Law
This 2 page Study Guide was uploaded by Elizabeth Guzman on Friday February 19, 2016. The Study Guide belongs to 210 at Washington State University taught by Dr. Houser in Winter 2016. Since its upload, it has received 31 views. For similar materials see Law and the Ethical Enviroment of Business in Law at Washington State University.
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Date Created: 02/19/16
Copyrights- must be original, creative, in a fixed tangible form, and it cannot be just an idea itself Copyright protection:*reproduce *publish *display *perform *prepare derivatives of work Protection last for the life of the author, plus 70 years Works for hire protection last for 95 years from publication Copyright infringement- when someone copies your work without permission Fair use exceptions: education, news reporting, criticism, parody Trade or service mark: word, phrase, symbol, design that identifies and distinguishes the source of the goods or services. Protection can be renewed Classifications- Arbitrary (apple) Fanciful (made up word: Exxon) Suggestive (chicken of the sea-tuna) Infringement- when someone uses a trademark or similar mark for their own use of which original mark owner has to prove potential harm. Patent: giving inventor of a novel, genuine, not obvious product the exclusive right to make, use and sell an invention. They are very expensive $30-40,000, a provisional patent application can be used as a cost efficient alternative. Utility patent- exist for 20 years from the date of application Design patents- valid for 14 years Trade secret: info a business would lose its competitive advantage if taken by its own competitor. Trade secrets last over 20 years. Transfer intellectual property- assignment agreement, license Sole proprietorships: the simplest form of business organization General partnerships: formed when two or more people form a business for profit together. Taxes are filed on personal tax returns. All partners are personally liable for depts. Is partnership. Partners have a fiduciary duty to one another in the business. Limited partnerships: (if your parents give you money) required to be in writing. Non-managing partners can be labeled as limited partners and have no liability for partnership depts beyond their own investment. Must have one general partner and one limited partner. Corporations: formed by individuals or groups filing articles of incorporation with the secretary of state. Double taxation corporations are taxed on its profits and the shareholders pay taxes on their dividends. Owned by its shareholders, overseen by a board of directors. Provide limited liability protection to the shareholders. Limited liability companies: owned by members instead of shareholders. Main advantages include the limited liability protection. Nature of corporation: a fictitious legal entity that is created according to statutory requirements Corporation codes: state statues that regulate the formation Characteristics of a corporation: Free transferability of shares Perpetual existence Centralized management Limited liability of share holders Publicly held: many shareholders- securities are usually traded on national stock exchanges Closely held: a corporation owned by one or a few shareholders. Revised models business corporation act Incorporation procedures Domestic- doing business in the state in which it was formed Alien- doing business in a state in which it was not organized Foreign- formed in another country Articles of incorporation: Name of corporation Number of shares authorized Address of registered office and agent Name and address of each incorporator Corporate bylaws: detailed set of rules adopted by the board of directors after a corporation is incorporated containing provisions for managing the business and affairs.
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