UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549

                           Form 10-Q

(Mark One)

[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

For the quarterly period ended SEPTEMBER 30, 2008

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 5(d) OF THE EXCHANGE ACT

For the transition period from _____________   to ______________

Commission File Number 33-55254-41


                          BIOETHICS, LTD.
       (Exact name of registrant as specified in charter)

          NEVADA                                87-0485312
(State or other jurisdiction          (I.R.S. Employer Identification No.)
 of incorporation or organization)


8092 South Juniper Court, South Weber, Utah              84405
(Address of principal executive offices)               (Zip Code)

                           (801)  476-8110
                      (Issuer's Telephone Number)

                            Not Applicable
(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last
Report)

Indicate  by  check mark whether the registrant (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the Securities Exchange  Act
of  1934  during  the past 12 months (or for such shorter period  that  the
registrant was required to file such reports), and (2) has been subject  to
such filing requirements for the past 90 days.  Yes X    No

Indicate by check mark whether the registrant is a large accelerated filer,
an  accelerated  filer,  a non-accelerated filer, or  a  smaller  reporting
company.   See  the definitions of "large accelerated filer,"  "accelerated
filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

          Large accelerated filer          Accelerated filer
          Non-accelerated  filer           Smaller  reporting  company X

Indicate by check mark whether the issuer is a shell company (as defined in
rule 12b-2 of the Exchange Act).
                                                  Yes  X    No

             APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate  by  check  mark whether the registrant filed  all  documents  and
reports  required to be filed by Section 12, 13 or 15(d) of the  Securities
Exchange Act of 1934 subsequent to the distribution of securities  under  a
plan confirmed by a court.
                                                       Yes    No

                   APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate  the number of shares outstanding of each of the issuer's  classes
of  common  stock, as of the latest practicable date. As of November 3,2008,
the issuer had outstanding 11,000,000 shares of common stock, par value $0.001.

                   FORWARD LOOKING STATEMENTS

When used in this Form 10-Q, in our filings with the Securities and
Exchange Commission ("SEC"), in our press releases or other public or
stockholder communications, or in oral statements made with the approval of
an authorized executive officer, the words or phrases "would be," "will
allow," "intends to," "will likely result," "are expected to," "will
continue," "is anticipated," "estimate," "project," or similar expressions
are intended to identify "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.

This report contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995.  These statements reflect the
Company's views with respect to future events based upon information
available to it at this time.  These forward-looking statements are subject
to certain uncertainties and other factors that could cause actual results
to differ materially from these statements.  These uncertainties and other
factors include, but are not limited to the risk factors described herein
under the caption "Risk Factors."  The words "anticipates," "believes,"
"estimates," "expects," "plans," "projects," "targets" and similar
expressions identify forward-looking statements.  Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date the statement was made.  The Company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, changes in assumptions, future
events or otherwise.

                      PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Bioethics, Ltd. (the "Company" or the "Issuer"), files herewith its unaudited
condensed balance sheets as of September 30, 2008 and December 31, 2007, the
related unaudited condensed statements of operations for the three and nine
months ended September 30, 2008 and 2007 and from inception on July 26, 1990
through September 30, 2008, and the related unaudited condensed statements of
cash flows for the nine months ended September 30, 2008 and 2007 and from
inception on July 26, 1990 through September 30, 2008.  The accompanying
financial statements do not include all information and notes to the
financial statements necessary for a complete presentation of the financial
position, results of operations and cash flows in conformity with generally
accepted accounting principles.  In the opinion of the Company's management,
the accompanying financial statements reflect all adjustments, all of which
are normal recurring adjustments, necessary to fairly present the financial
condition of the Company for the interim periods presented.  The financial
statements included in this report on Form 10-Q should be read in conjunction
with the Company's audited financial statements and the notes thereto
included in its annual report on Form 10-KSB for the year ended December 31,
2007.  Operating results for the quarter ended September 30, 2008 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 2008.





                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                                PAGE


        -  Unaudited Condensed Balance Sheets,
             September 30, 2008 and December 31, 2007             5


        -  Unaudited Condensed Statements of Operations,
            for the three and nine months ended September 30,
            2008 and 2007 and from inception on July 26, 1990
            through September 30, 2008                            6

        -  Unaudited Condensed Statements of Cash Flows,
            for the nine months ended September 30, 2008
            and 2007 and from inception on July 26, 1990
            through September 30, 2008                            7


        -  Notes to Unaudited Condensed Financial Statements    8 - 9







<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

                    UNAUDITED CONDENSED BALANCE SHEETS


                                  ASSETS

                                        September 30, December 31,
                                             2008         2007
                                         ___________  ___________
CURRENT ASSETS:
  Cash                                    $    1,839   $   12,527
                                         ___________  ___________
        Total Current Assets                   1,839       12,527
                                         ___________  ___________
                                          $    1,839   $   12,527
                                         ___________  ___________

              LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES:
  Accounts payable                        $      175   $    1,706
                                         ___________  ___________
        Total Current Liabilities                175        1,706
                                         ___________  ___________

STOCKHOLDERS' EQUITY:
  Common stock, $.001 par value,
   25,000,000 shares authorized,
   11,000,000 shares issued and
   outstanding                                11,000       11,000
  Capital in excess of par value              75,000       75,000
  Deficit accumulated during the
   development stage                         (84,336)     (75,179)
                                         ___________  ___________
        Total Stockholders' Equity             1,664       10,821
                                         ___________  ___________
                                          $    1,839   $   12,527
                                         ___________  ___________






Note:  The  balance sheet at December 31, 2007 was taken from  the  audited
financial statements at that date and condensed.

 The accompanying notes are an integral part of these unaudited condensed
                           financial statements.

                                    -5-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]


               UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

                                                                   From
                        For the Three         For the Nine        Inception
                         Months Ended         Months Ended       on July 26,
                        September 30,         September 30,     1990 Through
                    ___________________    ___________________  September 30,
                      2008       2007        2008       2007        2008
                    ________   ________    ________   ________    _________
REVENUE             $      -   $     -     $     -    $     -     $      -

EXPENSES:
  General and
   administrative     2,734      2,739       9,157      8,460       84,336
                    ________   ________    ________   ________    _________
LOSS BEFORE
 INCOME TAXES        (2,734)    (2,739)     (9,157)    (8,460)     (84,336)

CURRENT TAX EXPENSE       -          -           -          -            -
DEFERRED TAX EXPENSE      -          -           -          -            -
                    ________   ________    ________   ________    _________
NET LOSS            $(2,734)   $(2,739)    $(9,157)   $(8,460)    $(84,336)
                    ________   ________    ________   ________    _________
LOSS PER
 COMMON SHARE       $  (.00)   $  (.00)    $  (.00)   $  (.00)
                    ________   ________    ________   ________













 The accompanying notes are an integral part of these unaudited condensed
                           financial statements.

                                     -6-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

               UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS


                                               For         From Inception
                                          the Nine Months    on July 26,
                                              Ended             1990
                                          September 30,        Through
                                       ____________________ September 30,
                                          2008      2007        2008
                                       _________  _________   _________
Cash Flows from Operating Activities:
  Net loss                             $ (9,157)  $ (8,460)   $(84,336)
  Adjustments to reconcile net
   loss to net cash used by
   operating activities:
     Changes in assets and liabilities:
       Increase (decrease)
        in accounts payable              (1,531)         -         175
                                       _________  _________   _________
        Net Cash (Used) by
         Operating Activities           (10,688)    (8,460)    (84,161)
                                       _________  _________   _________

Cash Flows from Investing Activities:         -          -           -
                                       _________  _________   _________
        Net Cash Provided by
         Investing Activities                 -          -           -
                                       _________  _________   _________

Cash Flows from Financing Activities:
  Proceeds from common stock issuance         -          -      45,000
  Capital contribution                        -     15,000      41,000
                                       _________  _________   _________
        Net Cash Provided by
         Financing Activities                 -     15,000      86,000
                                       _________  _________   _________

Net Increase (Decrease) in Cash         (10,688)     6,540       1,839

Cash at Beginning of Period              12,527      6,842           -
                                       _________  _________   _________

Cash at End of Period                  $  1,839   $ 13,382    $  1,839
                                       _________  _________   _________

Supplemental Disclosures of Cash Flow information:
  Cash paid during the period for:
    Interest                           $     -    $      -    $      -
    Income taxes                       $     -    $      -    $      -

Supplemental schedule of Non-cash Investing and Financing Activities:
  For the nine months ended September 30, 2008:
     None

  For the nine months ended Setember 30, 2007:
     None





 The accompanying notes are an integral part of these unaudited condensed
                           financial statements.

                                   -7-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization - Bioethics, Ltd. ("the Company") was organized under the laws
  of  the  State  of Nevada on July 26, 1990.  The Company has not  commenced
  planned  principal operations and is considered a development stage company
  as  defined  in  Statement of Financial Accounting Standards  No.  7.   The
  Company was organized to provide a vehicle for participating in potentially
  profitable  business  ventures  which  may  become  available  through  the
  personal  contacts  of, and at the complete discretion  of,  the  Company's
  officers and directors.  The Company has, at the present time, not paid any
  dividends and any dividends that may be paid in the future will depend upon
  the financial requirements of the Company and other relevant factors.

  Condensed Financial Statements - The accompanying financial statements have
  been  prepared by the Company without audit.  In the opinion of management,
  all adjustments (which include only normal recurring adjustments) necessary
  to  present fairly the financial position, results of operations  and  cash
  flows  at  September 30, 2008 and 2007 and for the periods then ended  have
  been made.

  Certain information and footnote disclosures normally included in financial
  statements  prepared  in  accordance with accounting  principles  generally
  accepted  in  the United States of America have been condensed or  omitted.
  It  is  suggested  that  these condensed financial statements  be  read  in
  conjunction with the financial statements and notes thereto included in the
  Company's  December 31, 2007 audited financial statements.  The results  of
  operations  for  the  periods ended September 30, 2008  and  2007  are  not
  necessarily indicative of the operating results for the full year.


NOTE 2 - CAPITAL STOCK

  Common  Stock  -  In  July 1990, in connection with its  organization,  the
  Company  issued 1,000,000 shares of its previously authorized but  unissued
  common stock.  Total proceeds from the sale of stock amounted to $1,000 (or
  $.001 per share).

  In  May  1998,  the  Company  issued 10,000,000 shares  of  its  previously
  authorized  but  unissued common stock.  Total proceeds from  the  sale  of
  stock  amounted  to $40,000 (or $.004 per share).  The issuance  of  common
  stock resulted in a change in control of the Company.

  Capital  Contribution  -  During  the  year  ended  December  31,  2007,  a
  shareholder of the Company contributed $15,000 to the Company.

NOTE 3 - RELATED PARTY TRANSACTIONS

  Management Compensation - During the nine months ended September  30,  2008
  and  2007,  the  Company did not pay any compensation to its  officers  and
  directors.

  Office  Space  - The Company has not had a need to rent office  space.   An
  officer/shareholder of the Company is allowing the Company to use his  home
  as a mailing address, as needed, at no expense to the Company.

                                     -8-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS


NOTE 4 - GOING CONCERN

  The accompanying financial statements have been prepared in conformity with
  accounting  principles generally accepted in the United States of  America,
  which contemplate continuation of the Company as a going concern.  However,
  the  Company  has incurred losses since its inception and has  no  on-going
  operations.  These factors raise substantial doubt about the ability of the
  Company  to  continue  as a going concern.  In this regard,  management  is
  proposing  to  raise  any  necessary  additional  funds  not  provided   by
  operations  through  additional sales of its common  stock.   There  is  no
  assurance  that  the Company will be successful in raising this  additional
  capital or in achieving profitable operations.  The financial statements do
  not  include  any adjustments that might result from the outcome  of  these
  uncertainties.


NOTE 5 - LOSS PER SHARE

  The following data show the amounts used in computing loss per share:

                              For the Three             For the Nine
                               Months Ended             Months Ended
                               September 30,            September 30,
                            ______________________   ______________________
                               2008        2007         2008       2007
                            __________  __________   __________  __________
  Loss from
  continuing operations
  applicable to common
  stockholders (numerator)  $  (2,734)  $  (2,739)  $   (9,157)  $  (8,460)
                            __________  __________   __________  __________
  Weighted average number
  of common shares
  outstanding used in
  loss per share during
  the period (denominator)  11,000,000  11,000,000   11,000,000  11,000,000
                            __________  __________   __________  __________


  Dilutive  loss  per share was not presented, as the Company had  no  common
  equivalent  shares  for  all  periods  presented  that  would  affect   the
  computation of diluted loss per share.


                                        -9-
<PAGE>




Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

The following discussion and analysis provides information which management
believes is relevant to an assessment and understanding of our results of
operations and financial condition.  The discussion should be read in
conjunction with the consolidated financial statements and notes thereto.
The following information contains forward-looking statements. (See
"Forward Looking Statements.")

Plan of Operation

The Company has no business operations, and very limited assets or capital
resources. As of September 30, 2008, the Company had net working capital in
the form of cash and cash equivalents in the approximate amount of $1,664.
The Company's business plan is to seek one or more potential business
ventures that, in the opinion of management, may warrant involvement by the
Company. The Company recognizes that because of its limited financial,
managerial and other resources, the type of suitable potential business
ventures which may be available to it will be extremely limited. The
Company's principal business objective will be to seek long-term growth
potential in the business venture in which it participates rather than to
seek immediate, short-term earnings. In seeking to attain the Company's
business objective, it will not restrict its search to any particular
business or industry, but may participate in business ventures of
essentially any kind or nature. It is emphasized that the business
objectives discussed are extremely general and are not intended to be
restrictive upon the discretion of management.

The Company will not restrict its search for any specific kind of business,
but may participate in a venture in its preliminary or development stage,
may participate in a business that is already in operation or in a business
in various stages of its corporate existence. It is impossible to predict
at this stage the status of any venture in which the Company may
participate, in that the venture may need additional capital, may merely
desire to have its shares publicly traded, or may seek other perceived
advantages which the Company may offer. In some instances, the business
endeavors may involve the acquisition of or merger with a corporation which
does not need substantial additional cash but which desires to establish
a public trading market for its common stock.

The Company does not have sufficient funding to meet its short or long-term
cash needs. The Company believes that its current cash will not be
sufficient to support the Company's planned operations for the next twelve
months.  As of September 30, 2008, the Company had $1,839 in cash and
accounts payable of $175. To the extent necessary, the Company will seek to
raise additional funds through the sale of equity securities or by
borrowing of funds until a suitable business venture can be completed.
There is no assurance that the Company will be able to successfully
identify and/or negotiate a suitable potential business venture or raise
additional funds if and when needed.

The Company has experienced net losses during the development stage (1990
to present) and has had no significant
revenues during such period. During the past two fiscal years the Company
has had no business operations. In light of these circumstances, the
ability of the Company to continue as a going concern is significantly in
doubt. The attached financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or
are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to investors.

Critical Accounting Policies

Due to the lack of current operations and limited business activities, the
Company does not have any accounting policies that it believes are critical
to facilitate an investor's understanding of the Company's financial and
operating status.

Recent Accounting Pronouncements

The Company has not adopted any new accounting policies that would have a
material impact on the Company's financial condition, changes in financial
conditions or results of operations.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.  The Company is a "smaller reporting company."

Item 4T.  Controls and Procedures.

We have evaluated, with the participation of our Chief Executive Officer
and Chief Financial Officer, the effectiveness of the design and operation
of our disclosure controls and procedures (as defined in Rule 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"))
as of the end of the period covered by this report.  Based upon that
evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that our disclosure controls and procedures are effective.  There
have been no significant changes to our internal controls over financial
reporting during the period ended September 30, 2008 that have materially
affected, or that are reasonably likely to materially affect, our internal
controls over financial reporting.

                         Part II-OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not a party to any material pending legal proceedings and,
to the best of its knowledge, its properties are not the subject of any
such proceedings.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Not Applicable.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item 4. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 5.  Other Information.

Not Applicable.


Item 6.   Exhibits

The following documents are included as exhibits to this report:

(a) Exhibits

            SEC
 Exhibit    Reference
 Number     Number        Title of Document            Location

 3.1         3      Articles of Incorporation      Incorporated by Reference*

 3.2         3      Bylaws                         Incorporated by Reference*

 31.1       31      Section 302 Certification of
                    Chief Executive and
                    Chief Financial Officer        This Filing

 32.1       32      Section 1350 Certification of
                    Chief Executive and
                    Chief Financial Officer        This Filing

*Incorporated by reference to Exhibits 3(i) and 3(ii) of the Company' 2003
Form 10-KSB report, filed March 30, 2004.

                                SIGNATURES

     Pursuant  to the requirements of the Securities Exchange Act of  1934,
the  registrant has duly caused this report to be signed on its  behalf  by
the undersigned, thereunto duly authorized.

                                   Bioethics, Ltd.


Date:  November 11, 2008        By  /s/ Mark J. Cowan
                               ___________________________________
                                Mark J. Cowan
                                President, Chief Executive Officer and
                                Chief Financial Officer
                             (Principal Executive and Financial Officer)