Law of Business Organizations
Law of Business Organizations is an introduction to the law relating to business enterprises. The course especially examines corporations and compares them to sole proprietorships, partnerships, and limited liability companies. Specific topics include the formation, financial structure, and control structure of different types of business organizations. Also, the course covers the principles of agency that are involved in contracts between business organizations and the public with which they deal.
By the end of the course, students should be able to:
- Demonstrate knowledge and understanding of the Model Business Corporation Act.
- Identify the steps by which a corporation is established.
- Explain and apply the duties of a corporation’s directors and officers.
- Explain and apply the rights of shareholders and creditors.
- Identify legal and ethical issues regarding the corporation’s responsibilities to society.
- Demonstrate knowledge and understanding of basic financial statements and how corporations are financed.
- Assess lawyers’ professional obligations regarding representing a corporation and representing the persons creating the corporation.
- Explain and apply the law of agency.
- Demonstrate knowledge and understanding of the differences between close corporations and other corporations.
- Demonstrate knowledge and understanding of the differences among corporations, sole proprietorships, partnerships, and limited liability companies along dimensions of organization, governance, taxation, and limited liability.
- Show proficiency in oral communication through class participation.