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May 23, 2024
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2022-2023 Catalog [ARCHIVED CATALOG]
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LEGS 205 - Business Associations
PREREQUISITES: LEGS 101 - Introduction to Legal Studies
PROGRAM: Legal Studies and Paralegal Studies
CREDIT HOURS MIN: 3
LECTURE HOURS MIN: 3
DATE OF LAST REVISION: Fall, 2016
This course introduces the student to the various forms of business entities, including sole proprietorships, general and limited partnerships, limited liability companies (LLC’s), and business corporations. Topics include key concepts of law (the relationship between principals and agents), the scope of employment doctrine, and respondeat superior, the distinguishing characteristics of common business entities, the formal requirements for establishing and doing business in various types of business organizations in Indiana, respective advantages and disadvantages of each type, and relevant tax issues. Students will review sample business formation documents and will draft a general partnership agreement.
MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be expected to:
- Demonstrate a working knowledge of the Uniform Partnership Act, the Uniform Limited Partnership Act, the Uniform Limited Liability Company Act, the Model Business Corporation Act, and Indiana code sections related to these business entities.
- Identify various forms including, but not limited to:
- Articles of Incorporation
- Corporate By-Laws
- Certificates of Assumed Name
- Certificates of Incorporation
- General Partnership Agreement
- Articles of Organization (LLC)
- Describe the basic differences between the common types of business entities including sole proprietorships, limited and general partnerships, limited liability partnerships and companies, and various forms of business corporations.
- Compare the formalities required to organize the various types of business entities.
- Demonstrate a working knowledge of agency law, including analyzing principal and agent liability relationships in partnerships and corporations.
COURSE CONTENT: Topical areas of study include -
- Uniform Partnership Act
- Uniform Limited Partnership Act
- Uniform Limited Liability Company Act
- Model Business Corporation Act
- Principal/agent relationships
- Respondeat superior
- Sole proprietorships
- Partnerships
- Limited partnerships
- Corporations
- Subchapter S corporations
- Corporate formation
- Advantages and disadvantages of business entities
Course Addendum - Syllabus (Click to expand)
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