In a partnership, all partners assume personal responsibility for all business obligations, business debts and legal obligations of the company. Each business partner is personally liable for the illegal acts, crimes and commercial debts of other partners. If the assets of the business are unable to pay a particular debt, the creditor can hold all partners personally liable for the remaining portion of the debt. The framework of arbitration is not as formal as a court case. The arbitrator may be a lawyer or a person with expertise in relation to the main or subject matter of the dispute. Arbitrators are similar to civil proceedings, but do not have the strict rules of civil procedure regarding the admission of evidence and record-keeping procedures. Although the arbitrator`s decision is binding on both parties, it may be set aside for the following reasons: 1. If a party has committed fraud; 2. The arbitrator favoured one party over another, was not impartial or acted in a corrupt manner; and 3. If the arbitrator acted in any way, it may be considered misconduct on his part. From a technical point of view, there are two types of patents: utility models and designs (Figure 3.3). A utility model protects an entirely new product idea or invention under U.S.
law for a period of twenty years (see discussion of patents in Entrepreneurial Pathways and Pathways. Some examples of utility models would be Nikola Tesla`s electric magnetic motor, the dynamo-electric machine, the transmission of electrical energy and its patent system for electrical distribution. A design patent protects the decorative aspects of a product idea. Examples are the design of a new font, a soft drink bottle, or the design features of Apple`s iPhone. In the United States, designs are generally protected for a period of fourteen years. An example of illegal competition would be competition and the patent war between Intel Corporation and American Micro Devices (AMD). In 2009, AMD filed a lawsuit against Intel, alleging that the company had used “the exploitation of dominance” to effectively exclude AMD from competition in the market through exclusive pricing, discounts, and similar practices. That claim was later settled by the two companies, and Intel paid AMD $1.25 billion in damages.
This course allows students to explore careers in business while gaining skills applicable to any professional environment. Through a series of hands-on activities, students prepare legal documents, create a compliance plan, and discuss consumer protection issues. Regular engagement in active learning allows students to continually hone the skills needed to prepare them for work. In addition, students assess the qualifications required for specific careers so that they can identify opportunities that interest them. Many people confuse ethical compliance with legal compliance. However, these concepts are not interchangeable and require different standards of behavior. The law is necessary to build and maintain a functioning society. Without them, our society would be in chaos. Compliance with legal standards is mandatory. If we violate these standards, we will be punished as required by law.
Therefore, compliance generally refers to the extent to which a company conducts its business in accordance with applicable regulations, articles of association and laws. However, this is only a basic minimum. Ethical adherence builds on this foundation and reveals the principles of a CEO or organization. Ethical actions are generally seen as voluntary and personal – often based on our individual perception of what is right and wrong. The most important aspect of being a successful entrepreneur is that one must have a general understanding of business law. You need to understand the basic concepts of business law in order to start a business in the first place. The story of Nikola Tesla – a Serbian-American inventor, engineer and physicist – offers an uplifting account of why entrepreneurs need to listen to both the technical aspects of a company`s intellectual property and its culture of creativity. With 300 patents pending, Tesla is considered by many to be one of the fathers of modern electricity. After immigrating to the United States, Tesla was hired by the Continental Edison Company and began developing AC technology. However, Edison preferred DC technology and did not support Tesla`s ideas.
Tesla had to resign and partnered with Westinghouse to open the Tesla Electric Light Company and bring his valuable creativity and ideas to his new company.9 Eventually, Tesla`s alternating current became the American standard, not Edison`s DC. 2. Arbitration: Many companies are beginning to include arbitration clauses in their contracts that require individuals to conduct arbitration before filing a claim in court. In arbitration, the parties generally agree that a neutral third party will help resolve the dispute. The extrajudicial and neutral third party is called an arbitrator and the arbitrator makes a decision that binds the parties and contributes to the resolution of the dispute. 5. Mini-trial: A mini-trial is an abbreviated version of an informal procedure that encourages the parties to settle the case. Normally, the parties agree on the mini-trial and the procedures to conduct the process. With the mini-trial, both parties present their case to a panel composed of the management of each company in the trial.
A retired judge or lawyer will be a consultant to move on to the mini-process. The mini-process helps to prepare the parties for the actual process if necessary. But all parties involved in the mini-process are mainly there to try to settle the dispute. The most important aspect of the acceptance component is that the recipient intends to do business with the bidder. There are many ways to accept the terms of an agreement or contract. In order to develop a sustainable competitive advantage, an entrepreneur is responsible for protecting a company`s intellectual property, taking the necessary security precautions and continuously expanding them. These responsibilities include understanding, distinguishing and dealing with the different types and technical aspects of a company`s intellectual property. It also means that the entrepreneur must address the non-technical aspect of IP, which is to develop a culture of creativity that allows the organization to provide a continuous stream of new IP rights. This module includes a course welcome, an orientation to our pedagogical approach and faculty, and an introduction to the legal aspects of entrepreneurship. The legal aspects of entrepreneurship — law offer entrepreneurs many opportunities for competitive advantage. This course provides an examination of the legal issues that every entrepreneur should understand, from start-up to IPO, in order to make good business decisions. These topics include: -Leaving your current employer to start a business -Forms of business organization and ownership structure -Company financing -Conclusion of contracts -Product liability for product innovations -Hiring and retaining the best employees -Protection of your intellectual property -IPO As an entrepreneur, should Shkreli be concerned about ensuring the sustainability of his business or patients? With a more affordable (less profitable) price life-saving drug? This fundamental question raises a number of related questions about the ethics of the situation.
Was the decision to increase the price of the HIV drug by 5,000% in the company`s best interest? Was Shkreli aware of all aspects (ethical, legal, financial, reputational and political) of his decision? Critically questioning the decisions of someone like Shkreli requires increased awareness of the multitude of stakeholders to consider, as opposed to just shareholders. The cartel concept is important for the entrepreneur`s ability to create new start-ups that can compete with larger, more established companies (which might try to prevent competition). Table 3.1 summarizes the contributions of these acts in support of antitrust efforts. It is important to note that any deviation from these laws can lead to lengthy and costly legal problems. Wilson L. White is a results-driven executive with nearly 20 years of technology experience as a software engineer, patent attorney and, most recently, global head of government affairs and public policy for several of Google`s core business areas. As a senior member of Google`s policy team, he holds a wide range of leadership roles, including: leading a global team responsible for government affairs and public policy strategy for the company`s core business; Develop and implement Google`s advocacy initiatives in the areas of artificial intelligence, privacy and security, competition, broadband access, financial inclusion, intellectual property and content policies, and other topics; and advising senior product and business executives on the impact of corporate product decisions on public policy. In addition to his work at Google, he is a faculty member at the University of Maryland`s Maryland Technology Enterprise Institute. He teaches courses on the legal aspects of entrepreneurship for the Master of Professional Studies in Technological Entrepreneurship and Business Innovation and in the Bachelor`s program.