Business Organizations Outline
Agency
1
1. The Agency Relationship
2. Authority
A. Actual Authority
B. Apparent Authority
C. Ratification
3. Duties
A. Fiduciary Duties
B. Act w/in Scope & Comply w/ Principal
C. Duty to Indemnify
4. Liabilities
A. Contract Liabilities
B. Tort Liability
5. Representations & Warranties; Termination
Partnerships
1. General Partnerships (GP)
A. Formation
B. Management Rights/Interest
C. Economic Rights/Interest
D. Rights/Interest x Liabilities
E. Property & Transferability
F. Fiduciary Duties
G. Dissociation, Dissolution, & Windup
2. Limited Partnerships (LP)
A. Formation
B. Types of Partners
C. Interest & Transferability
D. Fiduciary Duties
E. Dissolution
3. Limited Liability Partnerships (LLP)
10
Limited Liabilities Companies
29
1. LLCs
A. Members
B. Managers
C. Taxation
2. Formation & Management
A. Formation
B. Member-Managed
C. Manager-Managed
3. Limited Liability
4. Fiduciary Duties & Membership Interests
A. Fiduciary Duties of Members and Managers
B. Transferability
5. Dissolution/Windup
A. Distributions
B. Dissociation
C. Winding Up
Corporations
42
1. Intro to Corporate Form
A. Corporations
B. Key Players
2. Corporate Formation
A. Forming a Corporation
B. De Facto Corporations
C. Corporation by Estoppel
D. Promoters
3. Limited Liability & Veil-Piercing
A. Limited Liability
B. Piercing the Corporate Veil
C. Enterprise Liability
D. Other Liabilities
4. Capital Structure
A. Equity
B. Debt
5. Dividends & Distributions
6. Nature & Purpose
A. Corporate Purpose, Shareholder Primacy
B. Benefit Corporations
C. S Corporations
Corporate Governance
64
1. Shareholders v. Management
A. Intro
B. Shareholders
C. Board of Directors & Officers
2. Solution 1: Shareholder Voting, Governance
A. Shareholder Voting
B. Proxy System
C. Shareholder Proposal & Activism
3. Solution 2: Fiduciary Litigation
A. Fiduciary Duties (BJR, Caremark, Fairness)
B. Fiduciary Litigation (Derivative, Demand)
Control of the Closely Held Firm
1. Closely Held Firms & Control
A. Public v. Private (Close)
B. Control Issues
2. Devices for Control
A. Voting Trusts
B. Vote Pooling Agreements
C. Shareholder Agreements
D. Irrevocable Proxies
3. Limitations/Restrictions
4. Abuse of Control (Freeze Outs)
A. Fiduciary Duties in Freeze Outs
B. Shareholder as Employee
C. Minority Protections from Freeze Outs
5. Transfer of Control
94