Other Federal Laws and Regulations Flashcards
Title VII protects against what types of discrimination?
Religion
Race
Gender
National Origin
What are features of the Self-Employment Contributions Act’s (SECA) provisions?
The base rate upon which self-employed persons must pay is the combined rate for employer and employee under FICA.
The base rate is reduced by any “wages” earned during the year, given that FICA taxes will be paid on those.
Self-employed persons can deduct 50% of FICA from their taxes, as employers of others would.
how does one qualify for unemployment compensation?
Involuntarily terminated
Available and looking for work
Not receiving disqualifying income (such as retirement or disability benefits)
Taxes payable under the Federal Unemployment Tax Act (FUTA) are
Deductible by the employer as a business expense for federal income-tax purposes.
under what circumstance must a return be filed under FUTA
if there are ANY employees during a substantial portion of the year.
If a full OR part-time employee is around for over 20 weeks in a given year, a return must be filed.
COBRA
provides health insurance in some circumstances for those after a job loss. Applies if EE loses health benefits due to termination (also quit) or reduced hours. EE PAYS FOR THIS
what is the coverage period under cobra?
18 months, or 29 if person is disabled
FMLA
Family medical leave act - to balance EE’s workplace demands with family needs. Entitled to 12 weeks unpaid leave w/o losing job (if EE worked 1250 during last year and has been employed over a year)
Quid pro quo
employees cannot sue boss except for intentional torts, gross negligence
OSHA does NOT apply to:
the federal gov
state gov
certain industries that are subject to other safety regs
what are the 2 federal agencies that enforce the antitrust laws
Federal Trade Commission
DOJ’s Antitrust division
work for hire lasts how long?
the shorter of 95 years from the date of publication or 120 years from the date of creation
how long does a utility patent last for?
20 years from the date of filing
how long does a design patent last for?
14 years from the date of filing
Money laundering
the process by which one conceals the existence, illegal source, or illegal application of income and disguises that income to make it appear legitimate. Ie drug dealing, terrorism, income tax evasion
Bank secrecy act of 1970
requires record keeping and reporting by banks and other financial institutions to trace the movement of currency into and out of the US or deposited into banks
what is the maximum number of shareholders in a subchapter S corp?
100
What type of corps are subject to double taxation
C-corps
are partners in LLPs protected from the tort liabilities of the firm?
yes
what types of orgs do not require formal filing?
general partnerships
sole propreitorship
what must the articles of incorporation include?
Name of the corp
Number of shares authorized
The street address of its registered office and the name of its agent at that address
The name and address of each incorporater
Novation
Following the formation of a corporation, the process by which the promoter is released from, and the corporation is made liable for, pre-incorporation contractual obligations?
Piercing the corporate viel
reach into shareholders pockets to satisfy corp obligations. Unusual for courts to do but can happen when courts believe such is necessary to prevent the corp form from being used to defeat public convenience, justify wrong, protect fraud, or defend crime.
what factors might induce courts to pierce the corp veil
when shareholders use a corp for their own (usually fraudulent) personal use.
Thin capitalization - which endangers the legitimate interests and expectations of third party corp creditors.
Commingling of funds, diversion of corp assets, failure to maintain formalities
What is the purpose of an LLC’s operating agreement?
designed to forestall and resolve disputes among the owners
in the absence of agreement to the contrary, how are general partnership P/L shared?
equally
what is the nature of the relationship between the Board and a company, what kind of duty
Fiduciary duty - the duty of highest loyalty
Pre-emptive rights
shareholders of close corps may maintain their original proportions of control they are granted pre-emptive rights if the corp issues additional shares if may invest addl money to buy shares to maintain their control.
without specific provisions in the articles of incorp, BOD have authority to
repeal the bylaws, declare dividends, fix the compensation of directors.
They do not have the ability to amend the articles of incorp. (shareholders must approve such a change)
