Law For The Business Enterprise Final

Front 1

Copyright

Back 1

Legal protection given to the creator of an original work (ex: books, songs, computer programs)

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Rights associated with copyright ownership

Back 2

The exclusive ability to reproduce and distribute copyrighted materials, display the work publicly, create a derivative product.

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Copyright infringement

Back 3

Unauthorized distribution of a copyrighted work

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Fair use exceptions for Copyright Infringement

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a) The purpose and character of the use (commercial nature or non-profit/educational purpose?)
b) The nature of the copyrighted work
c) The amount and substantiality of the portion used in relation to the copyrighted work as a whole
d) The effect of the use upon the potential market for the copyrighted work

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Trademark

Back 5

A word, name, symbol, or slogan which identifies the origins of a product or service from those of its competitor

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Trademark infringement

Back 6

When there is a likelihood of confusion as to the source, origin, or sponsorship of a product in a commercial environment

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Trademark infringement - Elements considered by Court

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(1) Product similarity
(2) Strength - is trademark easily recognized?
(3) Evidence of actual confusion among consumers
(4) Similarities of channels used to market product

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Arbitrary/Fanciful Trademarks

Back 8

Made up words (ex: Kodak, Sunoco, Cisco, Pepto-Bismol)

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Suggestive Trademarks

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Imaginative, but suggestive words (Ex: Ocean Spray, Handiwipes, Orange Crush, Chicken of the Sea)

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Descriptive Trademarks

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Describes the characteristics of the good (ex: Instant Hot, Quick Print, All Season, No-Fat)

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Generic Trademarks

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Not protected under Lanham Act, (ex: shredded wheat, pub, aspirin)

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WIPO - Elements considered by Court

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(1) Is the disputed domain name identical or similar to the trademark name?
(2) Does the respondent have rights or legitimate interest in the domain name?
(3) Is the domain name being used in bad faith?

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Sole Proprietorship - Creation

Back 13

File a Fictitious Name Registration if name of business is different than that of the owner

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Three Elements of Partnership

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1) Sharing profits by two or more people.
2) Joint ownership of assets.
3) An equal right in management.

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Limited Partnership - Creation

Back 15

Must file a Certificate of Limited Partnership.

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Articles of Incorporation

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1) Corporate name
2) Nature and purpose
3) Duration
4) Capital Structure
5) Internal Organization
6) Registered Office

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Subchapter S Corporation - Requirements

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1) must be a domestic corporation and a stand alone company
2) Shareholders must be individuals, estates, or certain trusts (max 100 resident shareholders).

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Subchapter S Corporation - Creation

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Must File a form 2553 with the IRS.

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Limited Liability Company (LLC) - Creation

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Must file Articles of Corporation.

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Sole Proprietorship - Continuity/Termination

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Terminates when owner stops doing business and/or upon death.

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Sole Proprietorship - Control

Back 21

Controlled by a single owner.

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Sole Proprietorship - Taxation

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Pays schedule "C" taxes (personal income tax)

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Sole Proprietorship - Personal Liability

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Owner has unlimited liability for debts of the business.

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Partnership - Continuity/Termination

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Terminates at the expiration of the term of partnership or when the business objectives have been reached.

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Partnership - Control

Back 25

Controlled by two or more entities.

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Partnership - Taxation

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Pays no taxes but files IRS form. Individual partners file Schedule K-1 which includes their income/loss.

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Partnership -Personal Liability

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Partners have unlimited liability for debts of the business.

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Limited Partnership - Continuity/Termination

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Same as partnership: Terminates at the expiration of the term of partnership or when the business objectives have been reached.

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Limited Partnership - Control

Back 29

Run by general partners without active participation from limited partners.

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Limited Partnership - Personal Liability

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Liability of limited partner is restricted to that person's investment. General partners have unlimited liability.

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Limited Liability Partnership - Control

Back 31

Run by general partners WITH active participation from limited liability partners.

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Limited Liability Partnership - Personal Liability

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Partners are not personally liable for malpractice claims of the other partners.

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Family Limited Liability Partnership - Control

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Owner supervises wealthy family's estate. Family members are limited partners.

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Corporation - Continuity/Termination

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Since corporation is not its own person, its status is not changed by the death or sale of stock by a shareholder.

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Corporation - Control

Back 35

Board of Directors are elected by shareholders. They then select corporate officers.

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Corporation - Taxation

Back 36

Double taxation.

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Corporation - Personal Liability

Back 37

Shareholders own the corporation but are not personally liable for the payment of debt in the absence of personal guarantee.

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Subchapter S Corporation - Taxation

Back 38

Profits passed directly to shareholders and taxed to them. This eliminates double taxation.

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Limited Liability Company - Control

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Members (Owners) control business.

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Limited Liability Company - Taxation

Back 40

Pays no taxes but files IRS form. Individual partners file Schedule K-1 which includes their income/loss.