goals chapter 5 identify the different kinds of laws that affect businesses. describe the different...
TRANSCRIPT
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Goals Chapter 5Identify the different kinds of laws that affect businesses.
Describe the different kinds of laws that protect workers on the job
Explain how tax laws affect business profits
Explain the differences between copyrights, patents, and trademarks
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The Main Idea – Chapter 5
This chapter discusses many different laws and their effects upon businesses
5.1- Describes laws that affect business operations
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Government Regulation of Business• Federal, state and local
governments enforce these laws
• Fines, penalties, loss of license, even jail for not following laws:
RegulationsRules that government agencies issue to implement laws.
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Six areas of law that affect business operations:
Corporate law
Tax law
Intellectual property law
Consumer law
Commercial law
Licensing and zoning law
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You teach the class…six areas of business law
Create a poster with:– Term and definition– List of at least three examples that go further into
topic so you can teach us about it– If your topic has a vocab word associated with it, be
sure to teach us about it. – Graphic illustration(s)
Title your poster with “Government Regulations: your group’s law
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1. Corporate Law
Some businesses have thousands of employees and some just have the owner.
Laws regulating the three types of business ownership:– Proprietorships– Partnerships– Corporations
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Corporate Law – Sole proprietorship • Simplest kind of business
to start up• All you have to do is start
doing business and you are a sole proprietor!
• Must file proper paperwork to be legal
Sole proprietorshipBusiness owned by a single individual, or proprietor.
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Corporate Law – Partnership • Must sign a
partnership agreement
• Pays less taxes than a corporation
PartnershipTwo or more persons who jointly own a business
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Corporate Law – Corporation • Must fill out
Articles of Incorporation
• Corporations exist apart from its owners and can be taxed/sued as it were an individual
Corporation Business formed under state or federal status and is authorized to act as a legal person.
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Advantages of Corporations
Limited liabilityAbility to raise
money byselling stock
Business doesnot end when an
owner dies
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Disadvantages of Corporations
Double taxationMore government
regulationDifficult and
costly to start
1. Income is taxed.2. Stockholders pay taxes
on profits issued to them
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Debate time! Once formed into 4 groups, you will be either representing THE GOVERNMENT or CORPORATIONS
You and your group will prepare to debate against another group on why you feel strongly on the following:
Corporations – Anti taxes
Government – Pro taxes
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-1st affirmative speech. 3 min (one speaker)
Cross examination 2 min (one speaker grills prev. speaker)
-1st negative speech. 3 min (one speaker)
Cross examination 2 min (one speaker grills prev. speaker)
-2nd affirmative speech. 3 min (new speaker)
Cross examination 2 min (new speaker grills)
-2nd negative speech. 3 min (new speaker)
Cross examination 2 min (new speaker grills)
--4 minute rebuttal prep—
-Negative rebuttal. 2 min (new speaker)
-Positive rebuttal. 2 min (new speaker)
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2. Tax Law
Taxes are monies paid by corporations and individuals and are used to fund gov’t programs and services. – highways, schools
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Tax law – Income Tax• Businesses pay many
taxes, but the most important one is I.T.
• If the I.T rate is 30%, how much will a business pay that made $200,000 in a year?
• $60,000!!!!!
Income tax A tax levied against a business’s profits.
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Tax law – Property tax
• Based on an assessed valuation according to a tax assessor.
Property taxTaxes levied against the property, buildings, or land owned by a business.
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Partner up – someone you haven’t worked with
Imagine that you own a pizzeria. You have invented an oven that cooks pizza til the crust is perfect and only takes one minute.
Recently, a former employee quit and opened her own pizzeria and she knows how to make your special oven.
How will you keep her from copying your oven?
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With your partner…First learn the characteristics of a patent, copyright and trademark
Prepare a list of at least five patents, five copyrights, and five trademarks owned by companies and nonprofit organizations.
Explain how these assets contribute to the success of the organization.
Be able to discuss why intellectual property is important
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Protection of Intellectual Property
Intellectual Property – is purely intangible with no physical characteristics – no one can touch it. But it still is someone’s property.
Examples are patents, copyrights and trademarks.
Git off mah
yaard!
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Patents
patentGives the inventor the exclusive right to make, use and sell their inventions for 17 years.
• When individuals or companies create new products, they may obtain a patent.
• What happens after 17 years?
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Trademarks
trademarkA word, name, symbol, or slogan a business uses to identify its own goods to set them apart from others
Businesses register company names, team emblems, and label designs with the patent and trademark office.
Trademarks can be very valuable. ® trademarks are good for 10 yrs and can be renewed after those 10 yrs
They are also called logos
Forced to shave logo
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Copyrights
copyrightProtects the creative work of authors, composers, and artists.
Copyright protection lasts for the life of the person receiving the copyright.
It also extends 70 years after the person’s death!
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Copyright
Copyright Infringement
Queen 1981 “Under Pressure
Vanilla Ice 1989 Ice Ice Baby
vs
Copyright OK!
Marva Whitney’s 1967 “Unwind yourself”
The 45 King’s 1987 “900 Number”
DJ Kool 1996 “Let me clear my throat”
Mac Miller 2011 “Party on 5th Ave”
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Contract Enforcement
contractAn agreement to exchange goods or services for something of value, usually money
Contracts are another example of government protection.
Contracts can be written or unwritten.
4 main parts of a contract must happen for it to be valid:
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Contract Basics
1. Agreement - An offer must be made, and acceptance must occur.
2. Competent Parties – Those entering into the contract must be of legal* age and must be mentally competent.
* 47 states must be 18 years old. Nebraska and Alabama 19, America Samoa (a US territory) – 14! Mississippi – 21!
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Contract Basics
3. Consideration – Something of measurable value must be exchanged by the parties involved.
4. Legality – The contract must be for a product or service that may be legally sold; also, no fraud or deception exists in the agreement.
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Again – Main parts of a contract
Agreement
Competent Parties
Consideration
Legality
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One of your most important clients is late paying your recent invoice because of a computer problem. Since your client has not paid you, you cannot pay all of your bills. However, you could get by if you did not pay your rent for the month.
Decision Making What are some ways of handling this situation so that you maintain relationships with your clients, landlord, and other vendors while acting ethically?
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Answer
Answers might suggest that being honest with everyone up front will help you maintain good relationships. It would also be appropriate to let your client know that their late payment is affecting you.