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Legal Studies Exam 3

by: Paget Kern

Legal Studies Exam 3 LGS 200

Paget Kern

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About this Document

review of what was gone over in class
Legal Studies Honors/ Legal Environment of Business
Mr. Brian Turner
Study Guide
Legal Studies, LGS 200 honors
50 ?




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This 2 page Study Guide was uploaded by Paget Kern on Monday April 4, 2016. The Study Guide belongs to LGS 200 at University of Alabama - Tuscaloosa taught by Mr. Brian Turner in Winter 2016. Since its upload, it has received 12 views. For similar materials see Legal Studies Honors/ Legal Environment of Business in Business at University of Alabama - Tuscaloosa.


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Date Created: 04/04/16
Legal studies exam 3  Entrepreneur: someone who forms and operates a business  Sole proprietor has unlimited personal liability  If a sole proprietor takes a partner, the partner is not liable for the loans taken out before the partnership  Sole proprietor is taxed on income because they are the business  All entities lasting one year or longer needs to be in writing (partnership agreements/bylaws/operating agreement)  Partners do not share goodwill  LLC has to follow the duty of care and duty of loyalty  General partner has unlimited personal liability  Partnerships when taxed are treated as a pass through entity  Liability partnership has one limited liability partner and one general partner at least  The limited partner is responsible to invest capital, not run day to day operations  To admit a general or limited partner, need unanimous written consent  LLC is a legal entity distinguished from members, the members are the owners  Operating agreement define financial and managerial rights of its members  Limited liability partnership needs at least one partner to exist  LLC’s are taxed like a partnership unless elected to be taxed as a corporation  LLC is separate from its members  Foreign LLC: LLC based in another state  If operating agreement does not define the distribution of profits and losses, members receive equal amounts despite the amount of their personal investment  Ownership interest in LLC designates who is entitled to certain distributions of profit  If One of three member in an LLC goes out on business and injures a third party, the one  Limited partnership includes one general and one limited partner, whereas a limited liability partnership includes only limited liability partners  In a member managed LLC, each member has equal right to day to day operations  General partners, limited partners, member of the LLC, and officers have access to the books  Distributing profit order: creditors, then capital contribution, then rest of profits go wherever decided  Shareholders, board of directors, and officers  If a business exceed their purpose, they are in violation of Ultra Vines doctrine  Proxy: a sit-in chosen by a shareholder that cannot attend the shareholder meeting  Business judgement: if the business fails due to an honest mistake thought the help the company, those who made the decision are not liable for the mistake  Liability of shareholders is equal to the amount they contributed  Publicly held companies are open to be traded on the stock market  A company can only be incorporated in one state  Registered agent accepts services done on behalf of the company  Stock certificates are evidence of someone’s ownership of the corporation, but are easily replaced if damaged or lost  Intellectual property includes trademarks, trade secrets, patents, and copyrights  Reverse engineering: when one discovers a trade secret through working to achieve the same results, no infringement  Patent granted to license an invention for an amount of time  Patents last 14 years or 20 years for designs, becomes public domain when time expires  Individual copyright: once on piece of paper, whether gone through the proper government procedures, is good for the life of the author plus 70 years, then becomes public domain  Trademark is a symbol, logo, or motto to distinguish a good ex. “just do it”  Musical composition can be copyrighted


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