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LGS 200 Unit 3 Exam Study Guide

by: Conner Jones

LGS 200 Unit 3 Exam Study Guide LGS 200 - 008

Conner Jones
GPA 4.0

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Adams LGS 200 unit 3 study guide
Legal Environment of Business
Charlye S. Adams
Study Guide
Adams LGS 200 study guide
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This 2 page Study Guide was uploaded by Conner Jones on Tuesday April 5, 2016. The Study Guide belongs to LGS 200 - 008 at University of Alabama - Tuscaloosa taught by Charlye S. Adams in Summer 2015. Since its upload, it has received 86 views. For similar materials see Legal Environment of Business in Law and Legal Studies at University of Alabama - Tuscaloosa.


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Date Created: 04/05/16
LGS 200 Unit 3 test review  Entrepreneur - a person who organizes and operates a business or businesses  Sole proprietor – you are the business, creditors can come after your assets o Partner not on hook for debts you took out before he joined partnership o No business entity, you are the business, taxed on your income (profit)  Any business entity – if corp. lasts longer than 1 year than bylaws needs to be in writing under statute of frauds  Fiduciary duties: o duty of care – promise not to partake in any unlawful activities such as a Ponzi scheme o duty of loyalty – promise not to compete with the partnership  Partnership – General partner has unlimited personal liability if partnership doesn’t have sufficient assets to pay off creditor  General partnership – taxed as a pass through entity (individuals taxed individually) o Limited partner – invests capital in partnership, not involved in running corp. o General partner – runs corp., has liability o Need unanimous written consent to add a new partner  LLC – an entity is separate and distinct from members o Member – owner (membership interest) o States require LLC have at least one member o Operating agreement – governs LLC o Taxed as a partnership (pass through) o Foreign LLC o All members get equal shares of profit according to investment unless otherwise stated o Member managed LLC – each owner has equal right in management o Manager managed LLC – owners elect a manager o Everyone (board of directors, managers, etc.) except shareholders have unlimited access to books and records o Shareholders – owners (limited liability, can only loose what they invest in corp.) o Board of directors – make policy decisions o Officers – employees, day to day decisions o Proxy – vote my shares on my behalf o Ultra vires act – can only do what you make business to do (stated purpose is to sell musical instruments) o If a person leaves, LLC can still operate if it still has 2+ members  Business judgment rule – protects officers and investors from honest mistakes  Public corporation – shares publicly traded  Closely held corp. – you and family run business  Certificate of incorporation has to included: o Name of shareholders o Name of shares issued to sell o How long is corp. going to last? o Purpose of corp. o Registered agent (authorized to accept service of process on corp.)  Intellectual property o Patents  Register for patent, gives inventor exclusive right to make sell use invention for 14 years, design for 20 years o Trademarks  Marks, slogan, motto to distinguish goods o Copyrights  Apply for copyright for tangible writing  You have automatic copyright, can register if you want to use the ©  You have right to © for life plus 70 years o Trade secret – anything you don’t want competitors to find out (can use if you reverse engineer it)


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