BLaw 210 1st EditionLecture 15Outline of Last Lecture I. Business – what are you doing?II. Business Organizationa. Sole Proprietorshipb. Partnershipi. Generalii. Limitediii. Limited LiabilityOutline of Current Lecture III. Business Organizationa. CorporationIV. ADRa. Arbitrationb. MediationCurrent LectureSyllabus amendments: Quiz 3 still on 10/30, Extra Credit Bonus Quiz – points added to exam 2 score, 11/4 Exam 2URL to know: www.sos.gov/corps/registration_structures.aspxV. Business Organizatona. Corporationi. For Profit1. A separate Legal entity is formed, has its own rights, privileges, andliabilities, beyond those of an individual, different types.2. Personal Liability: Shield, but piercing the corporate veil is possible per certain types of cases/controversies3. Tax: Corporate tax rate4. Must register with SOS – Division of Corps and Charitiesii. Not for profit1. A separate legal entity typically formed to further a cause, goal, ideal, serve public interest with some private sector activities2. Must register with SOS – Div. of Corps & Charities3. Charitable Solicitations or Charitable Trust Program registrations areseparate from and in addition to corporate filing requirements.VI. Important Phrase: “Piercing the corporate veil”VII. BJR: Business Judgment RuleVIII. ADR: Alternate Dispute Resolutiona. 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. MediationThese 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 mannerii. 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