Business Organizations for Paralegals, 7th Edition by Bouchoux, Deborah E. -- Read -- Imperial Library of Trantor

Index

Half Title Page Editorial Advisors Title Page Copyright Page About Wolters Kluwer Law & Business Dedication Page Summary of Contents Contents Preface Acknowledgments Chapter 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. Contractual Liability of Agents 6. Termination of Agency 7. Agency in Business Relationships

Case Illustration: Assault as Outside the Scope of Employment Web Resources Discussion Questions Net Worth

Chapter 2 - Sole Proprietorships

Chapter Overview A. Characteristics of Sole Proprietorships B. Governing Law C. Advantages of Sole Proprietorships D. Disadvantages of Sole Proprietorships

1. Unlimited 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: Liability of Sole Proprietor After Conversion to Other Entity Web Resources Discussion Questions Net Worth

Chapter 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 the 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: Exhaustion of Partnership Assets Web Resources Discussion Questions Net Worth

Chapter 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 I. 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. Master Limited Partnerships O. Limited Liability Limited Partnerships P. Uniform Limited Partnership Act of 2001

1. Introduction 2. Significant Provisions of 2001 Act

Q. Role of Paralegal Case Illustration: Effect of Assignment of Limited Partner’s Interest Web Resources Discussion Questions Net Worth

Chapter 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 LLPs G. Transferability of Interest and Admission of New Members H. Dissolution and Liquidation of LLPs I. Taxation of LLPs J. Growth and Trends in LLPs K. Role of Paralegal Case Illustration: Extent of Liability Shield for LLP Partners Web Resources Discussion Questions Net Worth

Chapter 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

1. Events Causing Dissociation 2. Events Causing Dissolution and Winding Up

I. Conversions, Mergers, and Domestications J. Taxation of LLCs K. Growth and Trends in LLCs

1. Growth 2. The Commission’s Harmonized Business Code 3. LLPs Versus LLCs 4. Outstanding Issues

L. Professional Limited Liability Companies M. Low-Profit Limited Liability Companies (“L3Cs”) N. Role of Paralegal Case Illustration: Rights of Assignee of LLC Member Web Resources Discussion Questions Net Worth

Chapter 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: Characteristics of Business Trust Web Resources Discussion Questions Net Worth

Chapter 8 - Introduction to Corporations

Chapter Overview A. Characteristics of Corporations B. History and Governing Law

1. History 2. 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. Benefit Corporations 8. Close Corporations 9. Professional Corporations 10. S Corporations 11. Parent and Subsidiary Corporations

F. Advantages and Disadvantages of Incorporation

1. Advantages 2. Disadvantages

G. Role of Paralegal Case Illustration: The Corporation as a Person Web Resources Discussion Questions Net Worth

Chapter 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. Postincorporation Activities

1. Bylaws 2. Corporate Supplies 3. Organizational Meeting 4. Annual Report

F. Defects in Incorporation Process G. Role of Paralegal Case Illustration: Effect of Corporate Charter and Bylaws Web Resources Discussion Questions Net Worth

Chapter 10 - Corporate Finances

Chapter Overview A. Introduction to Securities B. Equity Securities

1. 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

D. Taxation of Corporations

1. Introduction 2. Double Taxation 3. Using Inversions to Avoid Taxes 4. Accumulated Earnings Tax 5. Alternative Minimum Tax 6. State and Other Taxes

E. Role of Paralegal Case Illustration: Rights of Debt Security Holders as Contractual in Nature Web Resources Discussion Questions Net Worth

Chapter 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 11. Miscellaneous Rights of Shareholders 12. Shareholders’ Responsibilities 13. Piercing the Corporate Veil

B. Directors’ Rights and Responsibilities

1. Introduction 2. Number and Qualifications 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, Governance, the 2008 Financial Crisis, and the Dodd-Frank Act

1. Introduction 2. Some Suspected Causes of the Scandals 3. The Fallout 4. Reform and the Sarbanes-Oxley Act 5. Governance Guidelines 6. Trends in Governance 7. The 2008 Financial Crisis 8. The Dodd-Frank Act

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: The Business Judgment Rule Web Resources Discussion Questions Net Worth

Chapter 12 - Corporate Dividends

Chapter Overview A. Introduction to Dividends B. Restrictions Relating to Dividends

1. The MBCA Approach: Equity Insolvency and Balance Sheet Tests 2. Other Tests for Distributions 3. Contractual Limitations 4. Preferences 5. 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: Directors’ Discretion in Determining Dividends Web Resources Discussion Questions Net Worth

Chapter 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. Antifraud 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 Requirements 4. Insider Trading: Rule 10b-5 5. Remedies and Penalties for Violation of 1934 Act 6. Short-Swing Profits: Section 16(b) 7. Proxy Regulation

E. EDGAR F. The Jumpstart Our Business Startups Act G. State Securities Regulation H. 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

I. Trading in Cyberspace J. New Topics in Securities K. Stock Market Indexes

1. Dow Jones Averages 2. Other Indexes

L. Glossary of Financial Terms M. Role of Paralegal Case Illustration: Insider Trading Web Resources Discussion Questions Net Worth

Chapter 14 - Changes in the Corporate Structure and Corporate Combinations

Chapter Overview A. Amending the Articles of Incorporation

1. Reasons for 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. Limitation of Shareholder Remedies 5. De Facto Merger Doctrine and Freeze-Outs 6. Purchase of Stock 7. Hostile Takeovers 8. Leveraged Buy-Outs and Share Repurchases 9. Governmental Regulation

E. Domestication and Entity Conversion

1. Domestication 2. Entity Conversion

F. Role of Paralegal Case Illustration: Reasonableness of Takeover Defenses Web Resources Discussion Questions Net Worth

Chapter 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: Activities That Constitute Doing Business Web Resources Discussion Questions Net Worth

Chapter 16 - Termination of Corporate Existence

Chapter Overview A. Dissolution

1. Introduction 2. Voluntary Dissolution 3. Administrative Dissolution 4. 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: Effect of Late Filing of Creditor’s Claim Web Resources Discussion Questions Net Worth

Chapter 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. Benefit Corporations

1. Introduction 2. Formation and Characteristics of B Corporations

D. Parent and Subsidiary Corporations

1. Introduction 2. Formation and Characteristics of Subsidiary Corporations 3. Liability of Parent for Subsidiary’s Debts

E. Professional Corporations

1. Introduction 2. Formation, Operation, and Liability of Professional Corporations

F. S Corporations

1. Introduction 2. Formation, Operation, and Termination of S Corporations

G. Role of Paralegal Case Illustration: Nature of a Nonprofit Corporation Web Resources Discussion Questions Net Worth

Chapter 18 - Employee Compensation and Employment Agreements

Chapter Overview A. Employee Compensation

1. Introduction 2. Insurance Benefits 3. Retirement Plans 4. Stock Option Plans 5. Other Benefits 6. Reimbursement of Expenses

B. Employment Agreements

1. Introduction 2. Terms of Employment Agreements

C. Role of Paralegal Case Illustration: Presumption of At Will Employment Web Resources Discussion Questions Net Worth

Chapter 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

1. 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: Landlord’s Covenants Web Resources Discussion Questions Net Worth

Appendix A - Secretaries of State and State Corporations Statutes Appendix B - Uniform Partnership Act (1914) (Selected Provisions) Appendix C - (Revised) Uniform Partnership Act (1997) (Selected Provisions) Appendix D - General Partnership Agreement Appendix E - Revised Uniform Limited Partnership Act (1976) with 1985 Amendments (Selected Provisions) Appendix F - Model Business Corporation Act (Selected Provisions) Appendix G - Corporate Bylaws Appendix H - Written Consent in Lieu of the Organizational Meeting Appendix I - Research and Resource Guide Glossary Index

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