BUS 341 Business Law- Exam one Essay
A corporation (sometimes referred to as a C corporation) is an independent legal entity owned by
shareholders. This means that the corporation itself, not the shareholders that own it, is held
Bus 341 Exam 1
1st step is preparing articles of incorporation. The articles are similar to a constitution.
The contents must include: 1. The name of the corporation.2. The number if shares
that the corporation has authority to issue. 3. The
1. The business form that may be better is LLC or LLLP. I would make sure that the firm be
taxed like a partnership for federal income tax purposes, also to deduct business losses.
Also hire someone to manage the business.
2. The best b
Problems & Case Problems
1. Daviss attorney is correct because appellate courts dont review new evidence, instead
they review appeals and review whether there were any legal errors made by the trial
4. Allstate was co
2. Yes, because as a manager, Bonnie still had a duty of loyalty and she had to consider the
best interests of the LLC.
4. Katris sued Doherty under manager-managed LLC and fiduciary duties. His action was
not successful bec
1. The tree options are:
I. To use the automatic novation clause. Zoltar should state in the contract that
once its adopted, his liability will terminate.
II. Zoltar can use no pre-incorporation contract.
III. Zoltar can also use pre-in
The basic facts about trademarks video highlights on the fact that a trademark is an
essential part of business, represents you goodwill/reputation and it helps people to tell the
difference between the product and services that you sell and what
3. Lloyd and the landlord do have obligations to take responsive actions in order to avoid
liability to the tenants complaining for breach of covenant quiet enjoyment. The courses
of actions they might pursue is speaking to Aj
1. Elements for a binding Contract
A contract is much more than an agreement between two people. A binding contract has the
essential elements of a contract but requires capacity and legal purpose. The basic elem
Three Types of Intellectual Property Rights
Intellectual property is the area of law that deal with protecting the rights of Samantha, Ashley
and George for creating SAG and original work behind it. The purpose of intellectua
1) A binding contract is an agreement in writing between two or more individuals or
entities in which a court can impose penalties in the event one party attempts to
negate on his or her promise as set forth in the sign