LEGS 205 - Business Associations

In order to form a business, you must first understand why owners choose certain business structures and how those structures are formed.  Legal developments and current trends may impact formation choices. Learn to develop your own business plan, reserve a business name, file the the appropriate paperwork with the Secretary of State, and hold a board of directors or shareholders meeting.  Students will learn about the different structures, including sole proprietorships, partnerships, limited liability companies, and B, C, and S corporations; the pros and cons of each; and the ethical considerations that impact the formation of a business.

MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course, the student will be expected to:

1. Describe different business structures, including sole proprietorships, partnerships, corporations, limited liability companies (LLCs), and more.

2. Identify the formation process for various business structures.

3. Examine federal and Indiana laws that govern business associations.

4. Prepare legal documentation relevant to the formation of a business.

5. Explore business governance, including general and limited partners; directors, officers, and shareholders; managing members; and others.

6. Analyze liability of business owners and available protections.

7. Evaluate the requirements for dissolution and liquidation of a business.

8. Describe agency law, the doctrine of respondeat superior, and its relationship to business associations.

8. Discuss the ethical decision-making and social responsibilities faced by businesses in a global market.

9. Develop a fictional business.

COURSE CONTENT: Topical areas of study include -

• Uniform Partnership Act
• Uniform Limited Partnership Act
• Uniform Limited Liability Company Act
• Model Business Corporation Act
• Indiana law impacting business associations
• Principal/agent relationships
• Respondeat superior
• Sole proprietorships
• Partnerships
• Limited partnerships
• Limited liability partnerships
• Limited liability companies
• Professional corporations
• C Corporations
• B Corporations
• S Corporations
• Corporate formation
• Corporate dissolution
• Advantages and disadvantages of business entities
• Use of Indiana’s Secretary of State website to reserve a business name
• Develop a business
• Agenda preparation for organizational Board of Director’s meeting
• Lexis Learn: Researching a Company

 
Course Addendum - Syllabus (Click to expand)