What other alternative business forms could Louboutin or Yves Saint Laurent select, and explain the pros and cons of at least one of these alternative business forms?
1. Students will be able to describe court procedures (SLO 1);
2. Students will be able to understand and differentiate between the various types of business organizations, which will assist them in deciding what business form to take should they start their own business or work for a start-up company (SLO 4);
3. Students will understand the pros and cons of certain business forms (SLOs 3 and 4); and
4. Students will be able to identify the essential elements of a trademark (SLO 2).
Case brief: Louboutin v. Yves Saint Laurent (2nd Cir. 2012) 696 F.3d 206 or 2012 U.S. App. LEXIS 18663. Brief the case using the I-R-A-C format discussed above and during class, and then write essay responses to the following questions:
1. Identify the court that decided the case and describe the basis of the court’s jurisdiction over the parties’ dispute;
2. Name the types of business organizations under which Louboutin and Yves Saint Laurent have organized, and state the pros and cons of each of these business forms;
3. What other alternative business forms could Louboutin or Yves Saint Laurent select, and explain the pros and cons of at least one of these alternative business forms;
4. Describe the type of relief Louboutin sought in the case and state whether this is a legal or equitable remedy; and
5. Based on class discussion concerning intellectual property rights, do you think the appellate court got its decision right in this case? Why or why not? (SLOs 1, 2, 3, and 4).
One alternative business form that Louboutin or Yves Saint Laurent could consider is a limited liability company (LLC). An LLC is a hybrid business entity that combines the liability protection of a corporation with the tax benefits of a partnership. Some of the pros and cons of forming an LLC are:
Limited Liability: The owners (members) of an LLC are generally not personally liab
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Tax Flexibility: LLCs have the option to be taxed as either a pass-through entity (like a partnership) or as a corporation. This means that the business can choose the tax structure that is most advantageous for them.
Flexibility in Management: LLCs can be managed either by the members or by a designated manager, providing flexibility in how the business is run.
Self-Employment Taxes: If the LLC is taxed as a pass-through entity, the members are subject to self-employment taxes on their share of the profits.
State-Specific Regulations: LLCs are governed by state law, and the regulations and requirements can vary from state to state.
Limited Life Span: In some states, an LLC has a limited life span and will dissolve upon the death or withdrawal of a member.
Overall, an LLC can be a good option for a business like Louboutin or Yves Saint Laurent that wants liability protection and tax flexibility, but also wants to maintain flexibility in management. However, it is important to consider the specific regulations and requirements of the state in which the LLC will be formed, as well as the potential tax implications for the members.