You are a financial and management consultant. Your client, Apple Inc., has decided to move forward with
Question:
You are a financial and management consultant. Your client, Apple Inc., has decided to move forward with the development and manufacture of the iBrain, its next-generation data communication device. The iBrain is new, untested technology that will take billions of dollars to development and may or may not have commercial success. Apple is developing the iBrain with SK Telecom Company, both of whom want to have equal power when making decisions regarding the iBrain’s development, manufacture, and sale. Apple and SK agree to transfer their ownership of the technology and other property associated with the iBrain to a separate limited liability partnership (LLP) that is equally owned by Apple (50 percent ownership) and SK (50 percent). During the start-up phase of iBrain LLP, you are assigned by your firm to work full-time on behalf of Apple, SK, and iBrain LLP. iBrain LLP gives you an office from which you conduct most of your work, which is in iBrain LLP’s headquarters building. You are concerned that some of iBrain’s employees and clients will think that you or your firm is a partner of Apple and SK in iBrain LLP, even though, in fact, neither you nor your firm is a partner of either Apple or SK. What is the name of the legal concept that applies when others believe you are another person’s partner? What four things should you do to disabuse iBrain’s employees, staff, and clients of the belief that you and your firm are partners of Apple and SK?
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Step by Step Answer:
Business Law The Ethical Global and E-Commerce Environment
ISBN: 978-1259917110
17th edition
Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory