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73 Cards in this Set
- Front
- Back
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SOLE PROPRIETORSHIPS
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easiest/simplest form of buisness
unlimited liability (sued: everything personal/buisness) |
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SOLE PROPRIETORSHIPS TAXATION
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taxed once
taxed as personal income |
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PARTNERSHIPS TAXATION
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taxed once
taxed as personal income` |
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PARTNERSHIPS
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a partner has authority to BIND a partnership to a contract
separate legal entity |
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PARTNERSHIP DISSOLUTION
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partners bear losses in the same proportion in which they shared profits
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PARTNERSHIP DISSOCIATION
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partner leaves. once partner leave, NO LONGER liable for future debts/contracts
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UNIFORM PARTNERSHIP ACT
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law that governs operation of partnerships in ABSENCE OF EXPRESS AGREEMENT
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GENERAL PARTNERSHIPS
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most states: entity
partners: unlimited liability (personal liability) joint and several liability |
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JOINT LIABILITY
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ALL PARTNERS SUED
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SEVERAL LIABILITY
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ONE PARTNER SUED
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LIMITED PARTNERSHIPS
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limited partner: only liable up to the amount of their investment/capital contribution
CANNOT make management decisions (if make decision become partner) |
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LIMITED LIABILITY PARTNERSHIPS
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-limited liability: only liable up to amount of investment/capital contribution
-taxation: choice of corporation or partnership (default: partner) |
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LIMITED LIABILITY PARTNERSHIPS OWNERS CALLED
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MEMBERS
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CORPORATIONS
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separate legal entity=artificial person (can have assets in their name)
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CORPORATIONS OWNERS
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SHAREHOLDERS
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INCORPORATION
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1select state 2 secure name 3 prep articles of incorporation 4 file articles
-first meeting: adopt laws (rules of buis) -incinerators elect first board members |
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CORPORATION TAXATION
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double taxation
1revenu-corporate level 2dividends-shareholder level |
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CORPORATIONS LIABILITY
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corporation: liable for torts of its employees
shareholders: limited liability |
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CORPORATIONS CLASSIFICATIONS
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domestic: in state corp
foreign: in any other state alien: other country foreign/alien: may require certificate of authority |
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PROFESSIONAL CORPORATIONS
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1 SC service corp
2 PC prof corp 3 PA prof association |
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PC PROFESSIONAL CORPORATIONS
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formed to provide service by prof
-shareholders/owners: professionals |
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PC PROFESSIONAL CORPORATIONS LIABILITY
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each prof: liable for malpractice by other firm : personally liable
NOT LIABLE FOR TORTS |
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AGENCY
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: fiduciary relationship in which agent acts on behalf of principle
-must be created for legal purpose |
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AGENT
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acts on behalf of and instead of principle in dealing with third parties
EMPLOYEE |
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PRINCIPAL
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one who hires the agent to represent him
EMPLOYER |
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AGENCY EMPLOYEE/INDEPENDENT CONTRACTOR
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dis. feature: degree of control principal has over agent/employee
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AGENCY CREATION
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1 agency by agreement: formed thru express(oral written) consent of implied conduct
2 agency by estoppel (crt stepped in): principal causes third party to believe person: agent detrimental reliance |
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AGENTS DUTIES (PLOAN)
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1 PERFORMANCE 2 LOYALTY 3 OBEDIENCE 4 ACCOUNTING 5 NOTIFICATION
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AGENTS DUTIES
PERFORMANCE |
agent must use skill in performing his duties
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AGENTS DUTIES
LOYALTY |
agent must act solely for benefit of principal
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AGENTS DUTIES
OBEDIENCE |
agent must follow all lawful and clearly stated instructions of principal
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AGENTS DUTIES
ACCOUNTING |
agent must make available to principal records of property and money received
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AGENTS DUTIES
NOTIFICATION |
agent is required to notify principal of all material facts
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DUTIES OF PRINCIPAL TO AGENT
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1 compensation 2 reimbursement 3 cooperation 4 safe working conditions
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AGENT AUTHORITY
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actual (express of implied)
-equal dignity rule apparent: (estoppel, emergency, ratification) |
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AGENCY LIABILITY
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1DISCLOSED: A= NL P= L
2PARTIALLY CLOSED: A=POS L P=L 3UNDISCLOSED: A=L P=L |
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RESPONDEAT SUPERIOR
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employer vicarious liable for employees negligent torts committed w/in the agents "course and scope of employment"
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EMPLOYMENT AT WILL
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either party may terminate at any time for any reason ; unless contract specifies otherwise
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EMPLOYMENT AT WILL EXCEPTIONS
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1contract theory: employee manual
2 tort theory; justifiable reliance 3 public policy : illegal |
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FAIR LABOR STANDARDS ACT (FLSA)
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MIN WAGE
OVERTIME PAY WORK 40+ HRS PER WEEK -IN COVERED INDUSTRIES ONLY |
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OCCUPATIONAL HEALTH AND SAFETY ACT OF 1970
OSHA |
SAFETY
11+ full time employees; adhere to specific standards/safe work place must maintain injury illness rec for each employee |
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WORKERS COMPENSATION
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paying workers injuries on the job related that are ACCIDENTAL and happen ON THE JOB
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INCOME SECURITY
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social security
unemployment insurance: pay to qualified unemployed workers NOT for voluntarily quit or misconduct |
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FAMILY MEDICAL LEAVE ACT FMLA
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provide up to 12 wks unpaid family/medical leave during 12 mon peropd
-newborn, adoption, foster, military, fam medical em remedies:job reinstatement,promotion,back pay, |
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TITLE VII OF THE CIVIL RIGHT S ACT 1964
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discrimination: race. color.national origin.religion.gender
Religion: reasonable accommodation:,exception: undue hardship for employer Gender: exception gender essential to job. GAY NOT PROTECTED |
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TITLE VII OF THE CIVIL RIGHT S ACT 1964
DISCRIMINATION TYPES |
1 disparate treatment: intentional=one person
2 disparate impact: unintentional=group |
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AGE DISCRIMINATION IN EMPLOYMENT ACT 1967 ADEA
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CANNOT DISCRIMINATE ON BASIS OF AGE= 40+
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AMERICANS WITH DISABILITY ACT OF 1990 ADA
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discrimination against persons who are otherwise qualified to perform essential function of job
make reasonable accommodations |
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SEXUAL HARASSMENT
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1QUID PRO QUO (something in exchange for something else)
2HOSTILE ENVIRONMENT |
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SEXUAL HARASSMENT EMPLOYER
VALID DEFENSES |
1 required reason/ merit
2BONA FIDE OCCUPATIONAL QUALIFICATION |
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PATENTS
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exclusive rights to invention
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NON PATENTABLE
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LAWS OF NATURE
NATURAL PHENOMENON ABSTRACT IDEAS |
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PATENT INFRINGEMENT
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makes. uses. sells patented design . product. process w/o permission
-does not have to be used entirely |
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COPYRIGHT
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right of author or artistic work (tangible form)
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COPYRIGHT INFRINGEMENT
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form or expression is copied in substantial part
FAIR USE EXCEPTION: can use part of work for certain purposes (educational ect) |
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TRADEMARK
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distinctive word, name, symbol, or device that entity uses to distinguish goods
GENERIC TERMS: not protection |
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TRADEMARK INFRINGEMENT
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copied to a substantial degree in its entirely by another
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CERTIFICATION MARK
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mark used by one or more to certify the region . materials. quality ect
ex: good house keeping seal of approval UL tested |
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can somone obtain a trademark for the phrase "bicycle" ?
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NO because it is a generic item
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new copy machine
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patent
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the name "speedy copy"
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trademark
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instruction booklet for copy machine
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copywrite
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key factor in determining whether somone is emplyee or in contractor
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level of control by the principal
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your agent fails to tell u that the 3rd party canceled he breach what duty
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notification
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the max number of hours somone can work per week w/o goin into overtime
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40
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name the 5 protected classes under title VII
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color race national origin religion gender
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difference between disparate treatment and disparate impact
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treatment is intentional and against one person impact is unintentional and against a group of people
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sole proprietorship
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unlimited liability
personal income tax (taxed once) |
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general partner
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joint and several liability
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limited partner
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only liable for amount invested
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llc
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limited liability
choice btwen corp or partnership taxation |
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corporation
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double taxation
corp: reliable for emplee tort shareholders limited liabilty |
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prof corp
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persoanlly liable
not liable for torts |
