#1-Edited 125% + Zoom Add Page Insert Table Chart Text Shape Media Comment ABC,
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#1-Edited 125% + Zoom Add Page Insert Table Chart Text Shape Media Comment ABC, Inc., is involved in litigation with its employee, Susan Johnson, regarding 5. ownership of intellectual property. The litigation was filed in federal court in the Western District of Kentucky, as ABC's principal place of business is in Bowling Green. ABC argues that for more than twenty-five years, the Sixth Circuit courts have ruled in similar cases in such a way that requires this Court to rule in ABC's case. Is this argument valid? Does Susan have a counterargument? favor in this Explain your answers. (5 points) Compare and contrast the various business forms on the issue of personal liability 6. of owners. (5 points) 7. Compare and contrast the various business forms on the issue of taxation of profits. (5 points) 8. management of a corporation. (5 points) Define the business judgment rule and explain its importance in the operation and 9. Identify the various methods of dispute resolution. (5 points) 10. According to Kentucky Rule of Civil Procedure 11, the signature of an attorney on a pleading constitutes a certification by him that any claim or defense made is well-grounded in fact and warranted by existing law. Violation of Rule 11 obligations constitutes an ethical breach. Based on the types of activities identified in the preliminary phase of the civil process, what must an attorney do to ensure compliance with this Rule before filing a lawsuit on behalf of a corporate client?Explanation / Answer
Answering 4 questions:
6. 7. Business Enterprise is basically an entity, which works with the objective of generating wealth. The primary nature of a business enterprise is creation of wealth and making profits. The secondary nature can be to generate employment and facilitate economy.
The various types of businesses and the liability issues as well as taxation rule in each are:
(Have combined answers 6 and 7 to give a holistic comparison among the various business forms)
Sole Proprietorship
General Partnership
C Corporation
S Corporation
Limited Liability Company
Licensing: In this entry mode, the company gets permission from another company to use its processes, manufacturing, trademark, etc. in another country for operation.
Franchising: the company intends to conduct business of the parent company, called the franchisor, in the international market. An agreement binds the franchisee to the franchisor such that the franchisee needs to pay operational fee to the franchisor.
8. The Sarbanes-Oxley Act was passed in the year 2002 to protect shareholders against any type of accounting fraud. It requires the companies to have stringent audit policies and strict adherence to the audit schedule. Also it makes any director liable for maintaining accuracy in the financial statements of the company. The SOX Act helps in keeping such conflicting interests in check and give priority to the overall interest of the involved shareholders.
Following are the major impact that the Sarbanes-Oxley Act had on the corporate governance of a company:
9. Alternate Dispute Resolution or ADR is the machinery used by Canadian Government to resolve conflicts between 2 or more parties without going to the court. The 3 mechanisms used under ADR are:
The advantages of using ADR mechanism are:
The disadvantages of using ADR machinery are:
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