BLaw 210 1st Edition Lecture 15 I II III IV V VI VII VIII Outline of Last Lecture Business what are you doing Business Organization a Sole Proprietorship b Partnership i General ii Limited iii Limited Liability Outline of Current Lecture Business Organization a Corporation ADR a Arbitration b Mediation Current Lecture Syllabus amendments Quiz 3 still on 10 30 Extra Credit Bonus Quiz points added to exam 2 score 11 4 Exam 2 URL to know www sos gov corps registration structures aspx Business Organizaton a Corporation i For Profit 1 A separate Legal entity is formed has its own rights privileges and liabilities beyond those of an individual different types 2 Personal Liability Shield but piercing the corporate veil is possible per certain types of cases controversies 3 Tax Corporate tax rate 4 Must register with SOS Division of Corps and Charities ii Not for profit 1 A separate legal entity typically formed to further a cause goal ideal serve public interest with some private sector activities 2 Must register with SOS Div of Corps Charities 3 Charitable Solicitations or Charitable Trust Program registrations are separate from and in addition to corporate filing requirements Important Phrase Piercing the corporate veil BJR Business Judgment Rule ADR Alternate Dispute Resolution a Arbitration A form of ADR in which parties choose an impartial third party to hear and decide the dispute Many contracts require disputes arising out of the contract be submitted to arbitration binding b Mediation These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute i A process under which a Mediator attempts to resolve a dispute between parties in an amicable manner ii Unlike an Arbitrator or Judge a Mediator assists the parties in reaching a settlement agreement on their own No decisions are imposed by the mediator iii The parties can choose to formalize agreements arising out of the mediation process iv The mediation process is voluntary and non binding