Assignment

1. What is Independent agency? Explain some examples and scope of authorities.

2. First published by Scribner's in April 1925, The Great Gatsby received mixed reviews and sold poorly; in its first year, the book sold only 20,000 copies. Fitzgerald died in 1940, believing himself to be a failure and his work forgotten. However, the novel experienced a revival during World War II, and became a part of American high school curricula and numerous stage and film adaptations in the following decades. Today, The Great Gatsby is widely considered to be a literary classic and a contender for the title "Great American Novel".

Is "The Great Gatsby" under protection on copyright law? Why or why not?

3. One day, you had a great idea on some invention on smart phone. To file a valid patent, which 3 conditions should be satisfied?

4. The following story is about the government power of .

Mark Frank and Suzanne are refusing to sell the house they've lived in for 45 years. They live in a calm street of town houses in Baltimore, MD.

The City of Baltimore forced the Franks out to make way for more expensive condominiums. But the Franks are telling the town, "Hell no! They won't go."

"The bottom line is this is morally wrong, what they're doing here. This is our home. And we're going to stay here. And I'm gonna fight them tooth and nail. I've just begun to fight," says Mark Frank.

Mark Frank worked in the pharmaceutical industry, paid off his house and then retired. Now, he and his wife plan to spend the rest of their days there, and pass their house on to their children.

But Baltimore's mayor has other plans. He wants to tear down the Frank s' home, plus 45 other townhomes around it, along with four apartment buildings and more than a dozen businesses.

Why? So that private developers can build high-priced condos, and a high-end shopping mall, and thus raise Lakewood's property tax base.

5. Why is certificate of incorporation important? Who issues this?

6. Briefly describe Registration, Corporate Reporting, and Insider Trading. Also, explain how each category will be applied to the Securities Act of 1933 or the Securities Act of 1934.

7. Describe the relationship among Shareholder, Board director and Officer.

8. Fill out the blanks of following table on Authorized/Issued/Outstanding stock. Assume the article of incorporation of ABC Company in 2010 told the maximum limit of stock issuance to be 10,000 shares. In 2010, the friends and family of the founder of ABC Company received half of maximum shares for their investments. In 2011, the Company repurchased 1,000 shares from the investors.

ABC Company 2010 2011
No. Authorized stock
No. Issued stock
No. Outstanding stock

9. For liability and tax perspective, what are the advantage and disadvantage of C-Corporation? (Compared with Partnership/Proprietor)

Then, what's the benefit of S-Corporation? (Compared with C-Corporation)

10. In 2008, there was a Supreme Court case that was brought by 28 employees who lost their jobs during cutbacks at a federal research laboratory in upstate New York. All but one of the employees who were laid off were at least 40. Do you think they won or lost? Which act was based on the final judgment?

11. Your friend, Jack, a research scientist at Merck told you secretly about upcoming positive clinical result of one of their cancer drugs. You purchased the stock and made a profit of $10,000. Are you or your friend liable for insider trading? Why?

12. Employee of a company can be regarded as either Principal-Agent Relationship or Employer-Employee Relationship. Explain each example.

13. What is the legal rationale of the following case?

In Vienna, Virginia, JP Morgan Bank commenced foreclosure of a townhome by filing

a complaint on April 14, 2006. In the meantime, the owner of the townhome filed a chapter 13 bankruptcy case on May 2, 2006. The bank was not aware of the bankruptcy filing until it received an e-mail from its servicer on April 11, 2005.

Then, the lender will not be able to demand payments from you during the time that the bankruptcy claim is being heard. This can have several advantages for the borrower, such as:

? Providing additional time to arrange for alternative or back-up housing
? Providing time to raise more funds to reinstate the mortgage
? If you have filed under Chapter 13, you have a window of time for you to re-organize your finances in anticipation of the upcoming payment plan

14. What is the bankruptcy difference between Chapter 7 and Chapter 11?

15. 1) What is Sarbanes-Oxley Act?

2) What are the differences among patent, copyright and trademark?

16. Please describe benefits of LLC.

17. Explain Bylaws, preferred stock, and take over.

18. Briefly describe the following terms.

1) Workers' Compensation

2) COBRA

3) Whistle blower

19. What is your opinion on Immigration Reform?

20. 1) What is Finance Lease? 2) Provide 3 examples of Negotiable Instrument.