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Contents 1 Introduction to Business Organizations and Agency Law Chapter Overview A. Types of Business Enterprises 1. Sole Proprietorship 2. General Partnership 3. Limited Partnership 4. Registered Limited Liability Partnership 5. Limited Liability Company 6. Business Corporation 7. Professional Corporation 8. S Corporation 9. Close Corporation B. Considerations in Selection of Business Enterprise 1. Ease of Formation 2. Management 3. Liability and Financial Risk 4. Continuity of Existence 5. Transferability 6. Profits and Losses 7. Taxation C. How Business Is Conducted in This Country D. Agency in Business Organizations 1. Formation of Agency Relationship 2. Authority of Agents 3. Duties of Agents and Principals 4. Liability for Agent's Torts 5. Liability of Agents 6. Termination of Agency 7. Agency in Business Relationships Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 2 Sole Proprietorships Chapter Overview A. Characteristics of Sole Proprietorships B. Governing Law C. Advantages of Sole Proprietorships D. Disadvantages of Sole Proprietorships 1. Un1imited Personal Liability 2. Lack of Continuity 3. Difficulties in Raising Capital 4. Management Difficulties E. Formation of Sole Proprietorships 1. Licensing Considerations 2. Name Considerations 3. Business and Sales Tax Permits F. Taxation of Sole Proprietorships G. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 3 General Partnerships Chapter Overview A. Characteristics of General Partnerships B. Governing Law C. Partnership Defined D. Partnership Property 1. Property or Services Contributed by Partners or Acquired by Partnership 2. Property Rights of Partners E. Advantages of General Partnerships F. Disadvantages of General Partnerships 1. Unlimited Personal liability 2. Lack of Continuity 3. Difficulty in Transferring Partnership Interest G. Formation of General Partnerships H. Operation of General Partnerships 1. Duties and Rights of Partners 2. Management of the Partnership 3. Compensation, Profits, and Accounting I. The partnership Agreement 1. Name of Partnership 2. Names and Addresses of the Partners 3. Recitals 4. Purpose 5. Address 6. Term 7. Financial Provisions 8. Profits and Losses 9. Management and Control 10. Admission of New Partners and Withdrawal of Partners 11. Dissolution 12. Miscellaneous Provisions 13. Signatures and Date J. Transferability of Partnership Interest K. Dissolution and Winding Up Under the UPA 1. Dissolution by Acts of Partners 2. Dissolution by Decree of Court 3. Winding Up L. Dissociation and Dissolution Under the RUPA M. Conversions and Mergers N. Taxation of Partnerships O. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Contents Net Worth 4 Limited Partnerships Chapter Overview A. Characteristics of limited Partnerships B. Governing Law C. limited Partnership Defined D. Partners' Rights and Duties 1. General Partners 2. Limited Partners E. Advantages of limited Partnerships 1. Attracting Capital 2. Limited liability 3. Easy Transferability of Partnership Interest 4. Continuity of Existence 5. Pass-Through Taxation F. Disadvantages of limited Partnerships 1. Lack of Control for Limited Partners 2. Unlimited liability for General Partner 3. Formalities and Expenses of Organization G. Formation of Limited Partnerships 1. Contents of the Limited Partnership Certificate 2. Filing the Certificate of Limited Partnership 3. Amendment of the limited Partnership Certificate 4. Foreign Limited Partnerships 5. Limited Partnership Agreement H. Transferability of Interest 1. Actions by limited Partners J. Dissolution and Winding Up of limited Partnerships K. Cancellation of limited Partnership Certificate L. Taxation of Limited Partnerships M. Family Limited Partnerships N. Limited Liability Limited Partnerships O. Uniform Limited Partnership Act of 2001 P. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 5 Registered limited Liability Partnerships Chapter Overview A. Characteristics of Registered Limited Liability Partnerships B. Governing Law C. Advantages of LLPs 1. Partial Shield States 2. Full Shield States D. Disadvantages of LLPs E. Formation of LLPs F. Operation of UPs G. Transferability of Interest and Admission of New Members H. Dissolution and liquidation of LLPs I. Taxation of UPs J. Growth and Trends in LLPs K. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 6 Limited Liability Companies Chapter Overview A. Characteristics of limited Liability Companies B. Governing Law C. Advantages of LLCs 1. Pass-Through Tax Status 2. Limited Liability and Full Management 3. One-Person LLCs 4. International Recognition D. Disadvantages of LLCs E. Formation of LLCs 1. Articles of Organization 2. Operating Agreement F. Transferability of Interest G. Actions by LLC Members H. Dissociation and Dissolution of LLCs I. Conversions and Mergers J. Taxation of LLCs K. Growth and Trends in LLCs 1. Growth 2. LLPs Versus LLCs 3. Outstanding Issues L. Professional Limited Liability Companies M. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 7 Other Unincorporated Organizations Chapter Overview A. Joint Ventures B. Mining Partnerships C. Joint Stock Companies 1. Similarities to Corporations 2. Similarities to Partnerships 3. Modern Application D. Business Trusts 1. Similarities to Corporations 2. Similarities to Partnerships 3. Modern Application E. Real Estate Investment Trusts 1. Types of REITs 2. Advantages of REITs 3. Conclusion F. Cooperative Associations G. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 8 Introduction to Corporations Chapter Overview A. Characteristics of Corporations B. History and Governing Law C. The Corporation as a Person D. Corporate Powers and Purposes E. Types of Corporations 1. Domestic Corporations 2. Foreign Corporations 3. Federal or State Corporations 4. Public Corporations 5, Privately Held Corporations 6. Nonprofit Corporations 7. Close Corporations 8. Professional Corporations 9. S Corporations 10. Parent and Subsidiary Corporations F. Advantages and Disadvantages of Incorporation 1. Advantages 2. Disadvantages G. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 9 Formation of Corporations Chapter Overview A. Preincorporation Activities by Promoters 1. Duties of Promoters 2. Agreements by Promoters 3. Preincorporation Share Subscriptions B. Selection of Jurisdiction in Which to Incorporate 1. Delaware Incorporation 2. Factors in Selecting a Jurisdiction C. The Corporate Name 1. Selection 2. Availability 3. Reservation 4. Registration 5. Assumed Names D. Articles of Incorporation 1. Elements of Articles of Incorporation 2. Optional Provisions in Articles of Incorporation 3. Preemptive Rights 4. Filing of Articles of Incorporation E. Post-Incorporation Activities 1. Bylaws 2. Corporate Supplies 3. Organizational Meeting 4. Annual Report F. Defects in Incorporation Process G. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 10 Corporate Finances Chapter Overview A. Introduction to Securities B. Equity Securities l. Introduction 2. Par Value and No Par Value Stock 3. Consideration for Shares 4. Stock Certificates 5. Classes of Stock C. Debt Securities 1. Introduction 2. Unsecured Debt 3. Secured Debt 4. Trust Indentures 5. Common Features of Debt Securities 6. Junk Bonds 7. A New Security: SQUARZ D. Taxation of Corporations 1. Introduction 2. Double Taxation 3. Accumulated Earnings Tax 4, Alternative Minimum Tax 5. State and Other Taxes E. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 11 Corporate Management Chapter Overview A. Shareholders' Rights and Responsibilities 1. Introduction 2. Rights to Information 3. Voting Rights 4. Shareholder Meetings 5. Shareholder Action Without a Meeting 6. Modern Trends 7. Preemptive Rights 8. Dividends 9. Right to Transfer Shares and Shareholder Agreements 10. Shareholder Actions ll. Miscellaneous Rights of Shareholders 12. Shareholders' Responsibilities 13. Piercing the Corporate Veil B. Directors' Rights and Responsibilities 1. Introduction 2. Number and Qua1ifications of Directors 3. Functions of Directors 4. Election, Term, Vacancies, and Removal of Directors 5. Directors' Meetings 6. Directors' Action Without a Meeting 7. Compensation of Directors 8. Rights of Directors to Information 9. Duties and Liability of Directors 10. Delegation of Authority C. Corporate Scandals, Reform and the Sarbanes-Oxley Act, and Governance 1. Introduction 2. Some Suspected Causes of the Scandals 3. The Fallout 4. Reform and the Sarbanes-Oxley Act 5. Governance Guidelines D. Rights and Duties of Officers 1. Introduction 2. Qualifications, Appointment, and Tenure 3. Officers' Functions 4. Titles of Officers 5. Authority of Officers 6. Officers' Standard of Conduct, Liability, and Indemnification E. Role of Paralegal Case illustration Resource Guide Web Resources Discussion Questions Net Worth 12 Corporate· Dividends Chapter Overview A. Introduction to Dividends B. Restrictions Relating to Dividends 1. Solvency and Excess Assets Tests 2. Legally Available Funds 3. Tests for Distribution 4. Contractual Limitations 5. Preferences 6. Classes of Shares C. Effect of Illegal Dividends D. Procedure for Declaring and Paying Dividends E. Right to Dividends F. Tax Considerations 1. Cash Dividends 2. Property Dividends 3. Share Dividends 4. Encouraging Dividends 5. Avoiding Double Taxation 6. Modern Trends in Dividend Payments G. Stock Splits H. Purchase by a Corporation of Its Own Shares I. Role of Paralegal 1. Corporate Records 2. Amending Articles 3. Honoring of Preferences 4. Statement of Cancellation 5. Authorization of Bonuses Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 13 Securities Regulation and the Stock Exchanges Chapter Overview A. Introduction to Investor Protection B. Going Public C. Securities Act of 1933 1. Introduction 2. Registration Requirements 3. Exemptions from Registration 4. Anti-Fraud Provisions of 1933 Act 5. Penalties for Violations of 1933 Act D. Securities Exchange Act of 1934 1. Introduction 2. Registration Requirements 3. Periodic Reporting 4. Insider Trading: Rule 10b-5 5. Remedies and Penalties fur Violation of 1934 Act 6. Short Swing Profits: Section 16(b) 7. Proxy Regulation E. EDGAR F. State Securities Regulation G. The Securities Markets 1. Introduction 2. Trading on the New York Stock Exchange 3. Other Trading Systems 4. Understanding the Newspaper and Internet Reports of Stock Trading H. Trading in Cyberspace 1. Stock Market Indexes 2. Dow Jones Average 3. Other Indexes J. Glossary of Financial Terms K. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 14 Changes in the Corporate Structure and Corporate Combinations Chapter Overview A. Amending the Articles of Incorporation 1. Reasons fur Amending Articles 2. Procedure for Amending Articles 3. Articles of Amendment B. Restating the Articles of Incorporation C. Amending the Bylaws of the Corporation D. Corporate Combinations 1. Mergers and Consolidations 2. Share Exchanges 3. Purchase of Assets 4. De Facto Merger Doctrine and Freeze-Outs 5. Purchase of Stock 6. Hostile Takeovers 7. Leveraged Buy-Outs and Share Repurchases 8. Governmental Regulation E. Domestication and Entity Conversion 1. Domestication 2. Entity Conversion F. Role of Paralegal Case Illustration Resource Guide Web resources Net Worth 15 Qualification of Foreign Corporations Chapter Overview A. Basis for Qualification B. Transacting Business C. Procedures in Qualification D. Effects of Qualifying E. Effects of Failure to Qualify F. Effect of Changes to Domestic Corporation G. Withdrawal of Foreign Qualification H. Revocation of Qualification by State I. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 16 Termination of Corporate Existence Chapter Overview A. Dissolution 1. Introduction 2. Voluntary Dissolution 3. Involuntary Dissolution B. liquidation 1. Introduction 2. Nonjudicial Liquidation 3. Judicial liquidation 4. Claims Against the Corporation C. Distributions to Shareholders D. Directors' Duties to Minority Shareholders E. Corporate Bankruptcy F. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 17 Corporate Variations Chapter Overview A. Close Corporations 1. Introduction to Close Corporations 2. Characteristics of Close Corporations 3. Formation of Close Corporations 4. Restrictions on Transfer of Shares 5. Operation of Close Corporations B. Nonprofit Corporations 1. Introduction 2. Formation of Nonprofit Corporations 3. Operation and Governance of Nonprofit Corporations 4. Exemption from Taxation for Nonprofit Corporations C. Parent and Subsidiary Corporations 1. Introduction 2. Formation and Characteristics of Subsidiary Corporations 3. Liability of Parent for Subsidiary's Debts D. Professional Corporations 1. Introduction 2. Formation, Operation, and liability of Professional Corporations E. S Corporations 1. Introduction 2. Formation, Operation, and Termination of S Corporations F. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 18 Employee Compensation and Employment Agreements Chapter Overview A. Employee Compensation 1. Introduction 2. Insurance Benefits 3. Retirement Plans 4. Incentive Stock Option Plans 5. Other Fringe Benefits 6. Reimbursement of Expenses B. Employment Agreements 1. Introduction 2. Terms of Employment Agreements C. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth 19 Special Topics in Business Law Chapter Overview A. Ethics 1. Introduction 2. Business Ethics 3. Ethical Approaches 4. Making Decisions 5. Legal Duties 6. Ethical Codes B. Common Interdisciplinary Issues l. Introduction 2. Commercial Transactions and the Sale of Goods 3. Franchising 4. Leases 5. Intellectual Property 6. Antitrust Law 7. Unfair Competition 8. Bankruptcy Law C. Transactional and Business Law Practice 1. Introduction 2. Private Corporate Law Practice 3. In· House Corporate Practice D. Role of Paralegal Case Illustration Resource Guide Web Resources Discussion Questions Net Worth Appendix A Secretaries of State and State Corporations Statutes Appendix B Uniform Partnership Act (1914) Appendix C (Revised) Uniform Partnership Act (1997) Appendix D General Partnership Agreement Appendix E Revised Uniform limited Partnership Act (1976) with 1985 Amendments Appendix F Model Business Corporation Act (Selected Provisions) Appendix G Corporate Bylaws Appendix H Written Consent in Lieu of the Organizational Meeting Appendix I Shareholders' Buy-Sell Agreement Appendix J Letter of Intent Glossary Index
Library of Congress Subject Headings for this publication:
Corporation law -- United States.
Business enterprises -- Law and legislation -- United States.
Legal assistants -- United States -- Handbooks, manuals, etc.