Misplaced Pages

#514485

53-407: Yanka Industries, Inc. , doing business as MasterClass , is an American online education subscription platform on which students can access tutorials and lectures pre-recorded by experts in various fields. The concept for MasterClass was conceived by David Rogier and developed with Aaron Rasmussen . MasterClass was founded by David Rogier while a student at Stanford University , originally under

106-420: A DBA must be registered with a local or state government, or both, depending on the jurisdiction. For example, California, Texas and Virginia require a DBA to be registered with each county (or independent city in the case of Virginia) where the owner does business. Maryland and Colorado have DBAs registered with a state agency. Virginia also requires corporations and LLCs to file a copy of their registration with

159-467: A DBA statement, though names including the first and last name of the owner may be accepted. This also reduces the possibility of two local businesses operating under the same name, although some jurisdictions do not provide exclusivity for a name, or may allow more than one party to register the same name. Note, though, that this is not a substitute for filing a trademark application. A DBA filing carries no legal weight in establishing trademark rights. In

212-570: A benefit. The Verge noted that while the subscriptions initially lasted a lifetime, different courses have different replay value. The publication also noted the challenge of keeping students on the site to take additional classes. In 2019, chef Dominique Ansel 's MasterClass on French pastries received a James Beard Foundation Broadcast Media Award in the Online Video, Fixed Location and/or Instructional category. In 2020, MasterClass won two Webby Awards , for Education & Reference in

265-404: A case, the owners are not themselves liable; rather, the business is. Thus, only the funds or property the owner(s) have invested into the business are subject to that liability. If, for example, a limited liability business goes bankrupt , then the owner(s) will not lose unrelated assets, such as a personal residence (assuming they do not give personal guarantees ). Forms of businesses that offer

318-466: A pedestrian. Here, the employer could still be liable for these damages because the detour was minor. An employer can also be liable for a legal principle called negligent hiring. This happens when in the process of hiring a new employee, the employer does not check criminal pasts, backgrounds, or references to ensure the applicant did not pose a potential danger if hired as an employee. An employer can also face liability and repercussions if they know that

371-425: A plaintiff and defendant who furnishes defective goods that caused loss or injury 11 . Product liability and its prevalence in the law has changed throughout history. In the 19th century, it worked to both the manufacturers' and other sellers' advantages. "Caveat emptor" ("let the buyer beware") reigned supreme in this area of the law. In this era, the seller had no liability unless they had made an express promise to

424-408: A potential danger. It is important for employers to note whether someone working for them is an independent contractor or an employee. An employee is someone who is a paid worker for the employer. An independent contractor, on the other hand, contracts with a principal to produce a result and in the process, gets to determine how that result will be completed. The difference lies in how much control

477-401: A reasonable warning to the customer when the product has a foreseeable risk of harm, and/or the design lends itself to risk of harm. The magnitude and severity of the foreseeable harm are also assessed when looking at negligence. There is a form of liability that exists between employers and their employees. This is called vicarious liability . For it to apply, one party has responsibility for

530-403: A third party to reasonably assume that the agent can act in a certain way and create contracts with the third party on behalf of the principal. To determine if an agent is liable for a contract, one must look at the type of principal. There are four types of principals. A disclosed principal is known to the third party, and the third party knows that the agent is acting for this principal. The agent

583-463: A third party, and the third party commits an unlawful action. An employer may be held liable for the actions of an employee if it is unlawful (i.e. harassment or discrimination), or the employee's negligent actions while working causes damages to property or injury. Respondeat superior ("Let the superior answer") is a legal principle that dictates when an employer is responsible for the actions of an employee. Employers should worry about this rule when

SECTION 10

#1732783789515

636-406: Is a method of protection included in some business formations that shields its owners from certain types of liability and that amount a given owner will be liable for. A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. This means that when a business is found liable in

689-436: Is an exception to this rule, however, which allows a claimant to litigate against the owner(s) of a limited liability business, if the owner(s) have engaged in conduct that justifies the claimant's recovery from the owner(s): This exception is called " piercing the corporate veil ." Courts generally try not to utilize this exception unless there have been serious transgressions. Limited liability aids entrepreneurs, businesses, and

742-433: Is called a razón social . Legal liability In law , liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts , torts , taxes , or fines given by government agencies . The claimant is the one who seeks to establish, or prove, liability. In commercial law , limited liability

795-704: Is discussed in more detail in the following section. Errors/omissions is another category where a lawsuit can result from a mistake on the part of the company such as in a contract or paperwork. Finally, the last major category relates to holding directors and officers personally liable for actions taken by the company, as seen in piercing the corporate veil. Overall, as businesses get larger and more successful, their chances of liability lawsuits increase, but small businesses are not completely immune to them. Entrepreneurs and business owners need to be aware of these types of liability exposures to ensure their businesses are protected. Product liability governs civil lawsuits between

848-539: Is employment-related issues where the larger the work force, and the more turnover there is, the larger the likelihood of liability lawsuits such as wrongful termination claims. Another area is accidents and/or injuries on the premises. Next, vehicle-related liability if employees are allowed to drive company cars since this could lead to accidents while they use the company cars. Product-related liability (also called manufacturer's liability) details poor manufacturing of products that results in injuries and/or accidents, which

901-405: Is not liable on authorized contracts made for a disclosed principal since all parties are aware of the contract and who is participating in the contract. An unidentified principal is seen when the third party knows the agent is acting for a principal but lacks knowledge on the principal's identity. The agent is typically liable for contracts made for an unidentified principal. An undisclosed principal

954-437: Is seen when the third party does not know the principal's existence and identity and reasonably believes the agent is the other party in the contract. In this instance, the agent can be held liable for the contract. A nonexistent principal refers to when an agent knowingly acts for principal that does not exist, such as an unincorporated association. The agent is liable here if they knew the principal had no capacity to take part in

1007-424: Is too similar to a name that is already registered. Using one or more fictitious business names does not create additional separate legal entities. The distinction between a registered legal name and a fictitious business name, or trade name, is important because fictitious business names do not always identify the entity that is legally responsible . Legal agreements (such as contracts ) are normally made using

1060-481: Is used, among others, such as assumed business name or fictitious business name . In Canada , " operating as " (abbreviated to o/a ) and " trading as " are used, although " doing business as " is also sometimes used. A company typically uses a trade name to conduct business using a simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or

1113-466: The United Kingdom , there is no filing requirement for a "business name", defined as "any name under which someone carries on business" that, for a company or limited liability partnership, "is not its registered name", but there are requirements for disclosure of the owner's true name and some restrictions on the use of certain names. A minority of U.S. states, including Washington , still use

SECTION 20

#1732783789515

1166-634: The Apps, Mobile & Voice category, and for Media Streaming in the Web category. In 2021, MasterClass again won two Webby Awards, as well as a Webby People's Voice Award. Notable past and present instructors include: Doing business as In a number of countries, the phrase " trading as " (abbreviated to t/a ) is used to designate a trade name. In the United States , the phrase " doing business as " (abbreviated to DBA , dba , d.b.a. , or d/b/a )

1219-418: The U.S., trademark rights are acquired by use in commerce, but there can be substantial benefits to filing a trademark application. Sole proprietors are the most common users of DBAs. Sole proprietors are individual business owners who run their businesses themselves. Since most people in these circumstances use a business name other than their own name, it is often necessary for them to get DBAs. Generally,

1272-523: The business's debts. This can include seizure of personal assets in the face of bankruptcy and liquidation. Professionals in limited liability partnerships and limited liability companies will have unlimited liability for their own torts and malpractices. The limited liability of the business will no longer apply for these wrongdoings. For business owners, there are main categories of liability exposure to be aware of in order to protect their businesses from liability and financial troubles and issues. The first

1325-407: The business. Numbered companies will very often operate as something other than their legal name, which is unrecognizable to the public. In Chile , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Ireland , businesses are legally required to register business names where these differ from

1378-601: The company laid off 20% of its staff, citing the worsening macroeconomic environment. MasterClass produces online classes with well-known instructors in their field of expertise. Classes cover topics like writing, sports, and cooking. As of 2019, the company was expanding into politics, economics, and video game design. Many instructors do live demonstrations if the topic is easy to illustrate visually, while writers lecture. The courses are available through an annual subscription. The classes are typically not interactive, though at least one course included interactive assignments where

1431-448: The contract even if the third party knows that the principal does not exist. An agent can also bind themselves to contracts by expressly agreeing to be liable. To avoid this, agents should make no express promises in their own name and should make sure the contract only obligates the principal. An agent may also be liable to a third party if they lack the authority to contract for a principal. The agent may escape liability in this scenario if

1484-534: The county or city to be registered with the State Corporation Commission. DBA statements are often used in conjunction with a franchise . The franchisee will have a legal name under which it may sue and be sued, but will conduct business under the franchiser's brand name (which the public would recognize). A typical real-world example can be found in a well-known pricing mistake case, Donovan v. RRL Corp. , 26 Cal. 4th 261 (2001), where

1537-484: The customer that was not received. The 19th century was also when the Industrial Revolution was beginning and changing the business world. In order to promote this rise in industrialization and manufacturing, the law avoided allowing damage recoveries that would weaken new industries. In the 20th and 21st centuries, there was no longer this need to protect manufacturers from liability. If anything, there

1590-488: The economy in growing and innovating. Therefore, if courts often chose to pierce the veil, that innovation would be restricted. The exact test a court will use to determine if the veil needs to pierced vary by state in the United States. For sole proprietorships and general partnerships, the liability is unlimited. Unlimited liability means that the owner(s) of the business have the full responsibility of assuming all

1643-459: The employee commits a tort or harmful act when the employee was acting within the course and scope of employment at the time of the incident. The term " scope of employment " is when an employee is doing work assigned by their employer or is completing a task that is subject to the employer's control. To test whether the conduct that led to the incident is within the scope of employment, one must determine: If these four factors are found to be true,

MasterClass - Misplaced Pages Continue

1696-405: The employer will have to answer for the tort. The reasoning behind this legal principle is because it is thought that the employer is best suited for bearing the financial burden, employers can protect themselves against this burden with insurance, and the cost can be passed to customers by raising prices. On the other hand, if the employee was found to have either detoured or frolicked then defining

1749-453: The extent of their liability can change based on the agreements their agents make. An agent is a person who has the power to act on behalf of another party (typically the principal). Usually, a principal is liable for a contract made by the agent if the agent had actual or apparent authority to make the contract. Actual authority is the ability an agent has to pursue and complete certain activities based on communication and manifestations from

1802-426: The help of insurance and socializing the damages by raising prices and forcing the consumer to pay for it. If a manufacturer is found to be negligent , that means they breached their duty to the customer by not eliminating a reasonably foreseeable risk caused by the product. The manufacturer can be seen as negligent if there are problems in the manufacturing process, do not properly inspect their products, do not give

1855-402: The law is to protect the public from fraud, by compelling the business owner to first file or register his fictitious business name with the county clerk, and then making a further public record of it by publishing it in a newspaper. Several other states, such as Illinois , require print notices as well. In Uruguay , a trade name is known as a nombre fantasía , and the legal name of business

1908-399: The legal name of business is called a razón social (social name). In Brazil , a trade name is known as a nome fantasia ('fantasy' or 'fiction' name), and the legal name of business is called razão social (social name). In some Canadian jurisdictions , such as Ontario , when a businessperson writes a trade name on a contract, invoice, or cheque, they must also add the legal name of

1961-404: The limited liability protection include limited liability partnerships , limited liability companies , and corporations . Sole proprietorships and partnerships do not include limited liability. This is the standard model for larger businesses, in which a shareholders will only lose the amount invested (in the form of stock value decreasing). For an explanation, see business entity . There

2014-648: The name "Yanka Industries". Rogier, who continues to serve as chief executive officer (CEO), asked Aaron Rasmussen to join the company as a co-founder and chief technology officer ; Rasmussen would also serve as creative director , before leaving in January 2017. The website launched under the MasterClass name on May 12, 2015. MasterClass launched in 2015 with three instructors, and twelve classes were added in 2017. In late 2017, an acting class given by Kevin Spacey

2067-461: The named defendant, RRL Corporation, was a Lexus car dealership doing business as " Lexus of Westminster ", but remaining a separate legal entity from Lexus, a division of Toyota Motor Sales, USA, Inc. . In California , filing a DBA statement also requires that a notice of the fictitious name be published in local newspapers for some set period of time to inform the public of the owner's intent to operate under an assumed name . The intention of

2120-498: The principal hired an incompetent agent, if harm resulted from nonemployee agent's failure to perform a duty of care that the principal bestowed on them (a duty of care is an action whose successful performance is so important that if it is delegated to an agent and not accomplished, the principal is still liable), and a principal is liable if the nonemployee agent did not take the correct precautions required to complete very dangerous activities. An employer should also be aware on how

2173-415: The principal. Express authority is when the principal clearly states what the agent has the authority to do while implied authority is based on what is reasonable to assume that the agent is allowed to do based on what the principal wants of the agent. Express and implied authority are both types of actual authority. The second type of authority is apparent authority. This occurs when a principal's actions lead

MasterClass - Misplaced Pages Continue

2226-405: The principal/employer can wield on the agent. Employees are subjected to more control while nonemployee agents, like independent contractors, have more freedom in how they do their job. A principal is not ordinarily liable for torts committed by nonemployee agents since the principal does not fully control the method of work done. However, there are exceptions to this. There can be direct liability if

2279-403: The registered legal name of the business. If a corporation fails to consistently adhere to such important legal formalities like using its registered legal name in contracts, it may be subject to piercing of the corporate veil . In English , trade names are generally treated as proper nouns . In Argentina , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and

2332-445: The scope of employment becomes trickier. The rule of frolic and detour changes how the liability applies. A frolic is when the employee causes a tort when completing an activity that is unrelated to their job. If it is found that the employee had frolicked, the employee would then be liable for damages. For example, if a delivery driver does not complete his deliveries for a few hours so he can do some personal shopping, and on his way to

2385-400: The store, he hits a pedestrian. A detour is more minor. The employee is still participating in a non-work related activity, but the activity is not a major disregard for work duties. An example of a detour would be if on the way to deliver a package, a delivery driver stops at a drive-thru to grab something to eat. When pulling away from the restaurant to continue with deliveries, the driver hits

2438-410: The student acted with other students, either in person or over Skype . Reviewers have noted that some of the courses, such as those related to the performing arts, require that students already have some basic proficiency. The courses were also noted for their high production values, and for inspiring students to continue to pursue the subject matter. Exposure to popular celebrities was also reported as

2491-459: The surname(s) of the sole trader or partners, or the legal name of a company. The Companies Registration Office publishes a searchable register of such business names. In Japan , the word yagō ( 屋号 ) is used. In Colonial Nigeria , certain tribes had members that used a variety of trading names to conduct business with the Europeans. Two examples were King Perekule VII of Bonny , who

2544-469: The term trade name to refer to "doing business as" (DBA) names. In most U.S. states now, however, DBAs are officially referred to using other terms. Almost half of the states, including New York and Oregon , use the terms assumed business name or assumed name ; nearly as many, including Pennsylvania , use the term fictitious name . For consumer protection purposes, many U.S. jurisdictions require businesses operating with fictitious names to file

2597-432: The worker poses a potential danger but keeps them on the job. This is called negligent retention. To avoid claims regarding negligent hiring or retention, employers should be diligent when hiring employees who will have a lot of contact with customers and the public (especially if they will have access to vulnerable members of the public, go to customers' homes, and/or have access to weapons), and dismiss any employees who pose

2650-414: Was followed by $ 15 million in funding announced in 2016, $ 35 million in 2017, and $ 80 million in 2018. In May 2020, MasterClass raised $ 100 million in a Series E funding round led by Fidelity Investments , bringing total funding to approximately $ 240 million. In May 2021, the company received $ 225 million in a Series F round, giving it a $ 2.75 billion valuation according to CNBC reporting. In June 2022,

2703-553: Was known as Captain Pepple in trade matters, and King Jubo Jubogha of Opobo , who bore the pseudonym Captain Jaja . Both Pepple and Jaja would bequeath their trade names to their royal descendants as official surnames upon their deaths. In Singapore , there is no filing requirement for a "trading as" name, but there are requirements for disclosure of the underlying business or company's registered name and unique entity number. In

SECTION 50

#1732783789515

2756-499: Was more of need to impose liability standards on industries because consumers had less power to freely bargain with corporations and other business forms. Furthermore, the complexities and intricacies of goods was increasing, making it harder for the average buyer to determine manufacturing issues when purchasing these goods. Now a new phrase dominates liability: "caveat venditor" or "let the seller beware." The law finds that sellers and manufacturers can face more liability for defects with

2809-510: Was removed after multiple sexual assault allegations were publicly made against the actor. By late 2018 MasterClass had about 50 classes and 1,000 lessons. Support for mobile devices was first added in April 2018. MasterClass hired David Schriber as chief marketing officer in June 2019. MasterClass was started with $ 4.5 million in initial funding and two seed-funding rounds totaling $ 1.9 million. This

#514485