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LSDefine

Simple English definitions for legal terms

self-dealing

Read a random definition: Bolger test

A quick definition of self-dealing:

Term: Self-dealing

Definition: Self-dealing is when someone who is supposed to make decisions for a company does things to help themselves instead of helping the company. This is not allowed because it is not fair to the company and the people who own it. It is also not allowed for people to buy or sell stocks using secret information that other people don't know about. This is called insider trading and it is also not allowed. The law says that these kinds of actions are not okay and can have serious consequences.

A more thorough explanation:

Self-dealing is when someone who has a responsibility to act in the best interest of a company or organization instead takes actions that benefit themselves. This can happen when someone with a fiduciary duty, like a board member or executive, makes decisions that benefit themselves instead of the company they represent.

For example, imagine a CEO of a company who decides to award a contract to a company they own, even though there are other companies that could do the job for less money. This would be an example of self-dealing because the CEO is putting their own interests ahead of the company's interests.

Self-dealing can also happen in the stock market. For example, if someone buys or sells stocks based on information that is not yet public, they are using insider knowledge to benefit themselves. This is also considered self-dealing because they are not acting in the best interest of other investors who do not have access to that information.

Self-dealing is not allowed because it can harm the company or organization and the people it serves. It is important for people in positions of power to act with integrity and always put the interests of the company or organization first.

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babycat
17:15
Idk about horsey that guy seems like a freak
17:15
He is an arsehole but he is your asshole
1a2b3c4d26z
17:15
Would kill for a marg
Dkk
17:15
*spreads ass in mirror to check*
babycat
17:15
one million margs at nyc lsd meetup
Dkk
17:16
Nope, not my asshole.
1a2b3c4d26z
17:17
I will walk to nyc to do this
17:17
send it
1a2b3c4d26z
17:17
omw
17:18
Pick up @splitterusclitterus
letsdoadrill
17:18
What time will UCLA begin giving out decisions tomorrow if there’s a wave?
17:19
Who cares about that carp skool
letsdoadrill
17:19
Me
letsdoadrill
17:20
I don’t really care about bantering here tbh I just thought yall would know the time it would
17:20
off wit ya then oy
babycat
17:20
i have no idea if it happens it happens. look at reddit or something
babycat
17:21
@1a2b3c4d26z: yay
Dkk
17:22
UCLA? I am gunna take a guess and say the wave will come out at 11:22:24 on 11/22/24.
no gtown ....?
17:24
@Dkk: the prophecy has been foretold
Dkk
17:24
Gtown will be at the same time tomorrow. They are all coordinating this.
babycat
17:25
Dk is my favorite adcom
thank you dk :)
1a2b3c4d26z
17:27
You can't just not care about the banter... that's the whole chat
Dkk
17:28
Welcome!
HopefullyInLawSchool
17:28
Anyone familiar with vintage cookware, inparticular Magnalite
Dkk
17:29
https://youtube.com/shorts/Qc3NAXxBqyM not at all lol @Hopefully
babycat
17:29
@1a2b3c4d26z: they hate us cuz they ain’t us
1a2b3c4d26z
17:30
Yea, if you want to actually talk about law school admissions go to off topic
1a2b3c4d26z
17:30
Obviously
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