cave beetle an endangered species.Guy went to supreme court.Constitution says congress can regulate interstate commerce.Argument: Government should be allowed to protect some endangered species but not all endangered species. If species have symbolic significance they should be protected (there is a market for them, people care.) Cave beetles are just bugs and no body buys and sells cave beetles. No commercial value. Not related to interstate commerce. We think its beyond the power of the national government to require these regulations.The Supreme Court said that the potential for some value in the future was enough to protect the species.City of Austin made a deal – Allow him to develop a few acres and the City of Austin will buy the rest from him.Consumer Protection: Part I•Lost and Stolen Credit Cards:oThere is a federal law that limits what you have to pay if someone gets a hold of your credit card: $50 per card.Have to pay more if:
Lecture 719:01You gave the credit card voluntarily and the person charged more than expected.You do not promptly notify the credit card company of the “suspicious purchases”Credit card companies often mislead you.•Postal Reorganization Act of 1970oIf you get unsolicited stuff in the mail, it is treated legally as a gift. You can keep it without paying for it, throw it away, etc.•Collection Agencies:oPeople who are hired to encourage people to pay overdue bills.oIf you are being bothered: if you have hired a lawyer to help with debt relief The collection agency must then go through the lawyer. If they don’t stop bothering you = lawsuit.•Criminal Cases:o3 Possible Pleas:Not guiltySaying “I didn’t do it.”Argue case.GuiltySaying “I did it.”Will receive punishment that goes to this crime.No contest (nolo)Saying “I will not defend myself against these charges.”Will accept punishment that goes along with the crime.oIf there is a civil lawsuit later, after pleading:Guilty – Can tell jury about the guilty plea.No Contest – Jury cannot be told about a no contest plea.Reading Assignment:Pgs. 330-337
Lecture 819:01•Business organizations•EthicsExtra Office Hours:•Next week – Wednesday 3-4•Finals week – Monday 1-230 and Tuesday – TBA5 Different Kinds of Businesses you can set up with other people:•Partnership•Limited Liability Partnership (LLP)•Limited Partnership (LP)•Limited Liability Company (LLC)•CorporationContact Secretary of State’s Office:•Forms to set up LLP, LP, LLC•Half a dozen forms•Processing fee – few hundred dollars•1 week-10 days – New company is officially established as….
Lecture 819:01Personal Limited Liability:•Shareholders cannot lose anymore money of what was put into a business.•Losses are limited by shares and nothing morePartnership•Only taxed a single time by the IRS•Individual income tax on each partner.•Partnerships arise automatically if you have not specifically created something else.