MGT 401 Lecture Notes - Lecture 7: Operating Agreement, Limited Liability Partnership, Sole Proprietorship
19 Apr 2019
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Document Summary
Invention- patent 20 years: logo & wordmark trademark -uspto, work of author- copyright- life & 70 years, formula- trade secret. Sole proprietorship: 2/3, 99% < m. General partnership: 3 things courts look to for determining whether: do ps share pi or lsoes a p exists w/o k, was joint ownership, was there an equal right to be involved in management. 3 types of franchises: distributorships, chain style, manufacturing. 17 limited liability business forms: llc- hybrid corp. form, single member (sole p, operating agreement, multi member (partner, operating agreement. Formation: articles of organization, name of llc, principal address, appoint registered agent for service of process. Contents of operating k: management voting, how pi/losses are distributed, how membership interests may be transferred, what happens w/disassociation, annual meeting, voting of members. Limited liability partnership (llp: professionals, allows others partners (non-tortfeasors) to escape malpractice of partner.
