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Entity_Outline_v8 - BUSINESS ASSOCIATIONS OUTLINE Business...

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BUSINESS ASSOCIATIONS OUTLINE Business Associations Table of Contents I. Overview of Business Associations ......................................................................................... 5 A. Are Corporate Lawyers Necessary? ....................................................................................... 5 B. The Transaction Cost Trade-Off ............................................................................................. 5 C. Structuring a Business Association ........................................................................................ 6 D. Summary: Introduction to Business Associations .................................................................. 7 II. AGENCY – THE BUILDING BLOCK OF FIRMS ....................................................................... 8 I. Who is an Agent? ....................................................................................................................... 8 II. Liability of Principal to Third Parties in Contract ................................................................... 9 B. AUTHORITY .......................................................................................................................... 9 C. Apparent Authority ................................................................................................................. 9 D. Inherent Authority ................................................................................................................. 10 E. Authority Summary ............................................................................................................... 13 F. Ratification ............................................................................................................................ 14 G. Estoppel ............................................................................................................................... 15 H. Agent’s Liability on Contract ................................................................................................. 16 I. Summary – Agency Relationship/Liability of Principal in Contracts ....................................... 16 III. Liability of Principal to Third Parties in Tort ........................................................................ 17 J. What is the Justification for Imposing Liability? ..................................................................... 17 K. Servant Versus Independent Contractor .............................................................................. 18 L. Tort Liability and Apparent Agency ....................................................................................... 19 M. Scope of Employment .......................................................................................................... 20 N. Statutory Claims ................................................................................................................... 22 O. Liability for Torts of Independent Contractors ...................................................................... 22 IV. FIDUCIARY OBLIGATIONS OF AGENTS ............................................................................. 23 P. Duties During Agency ........................................................................................................... 23 Q. Duties During and After Termination of Agency: Herein of “Grabbing and Leaving”Agency ..................................................................................................................................... 24 R. Recap of Agents’ Fiduciary Duties: Miracle on 34th Street ................................................. 24 S. Summary - Liability of Principal in Torts/Fiduciary Duties of Agents ..................................... 25 III. PARTNERSHIPS ..................................................................................................................... 26 A. What is a Partnership? And Who Are the Partners? ........................................................... 26 B. Partners Compared With Employees ................................................................................... 30 C. Partners Compared With Lenders ........................................................................................ 32 D. PARTNERSHIP BY ESTOPPEL .......................................................................................... 34 IV. II. The Fiduciary Obligations of Partners ............................................................................ 34 A. Introduction .......................................................................................................................... 34 B. After Dissolution ................................................................................................................... 36 C. Grabbing and Leaving .......................................................................................................... 36 D. Expulsion ............................................................................................................................. 37 E. Summary - Introduction to Partnerships/ Partners’ Fiduciary Duties .................................... 38 V. III. Partnership Property ........................................................................................................ 38 A. Introduction .......................................................................................................................... 38 B. Liability in a Partnership ....................................................................................................... 39 More Free Outlines: http://c.finamore.home.comcast.net or http://finamore.net
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BUSINESS ASSOCIATIONS OUTLINE VI. IV. Partnership Capital ......................................................................................................... 40 A. Overview .............................................................................................................................. 40 B. Raising Additional Capital .................................................................................................... 41 VII. V. The Rights of Partners in Management ......................................................................... 43 VIII. V. Partnership Dissolution ................................................................................................. 46 A. The Right to Dissolve ........................................................................................................... 46 B. The Consequences of Dissolution ........................................................................................ 49 C. The Sharing of Losses ......................................................................................................... 54 D. Buy-out agreements ............................................................................................................. 54 E. Law Partnership Dissolutions ............................................................................................... 56 IX. VII. Limited Partnerships ...................................................................................................... 57 X. THE CORPORATION ............................................................................................................... 59 A. Main Attributes ..................................................................................................................... 59 B. Comparing Partnerships and Corporations .......................................................................... 59 C. Public v. Close Corporations ................................................................................................ 59 D. Introduction to the Corporation: ........................................................................................... 60 E. Applicable Law ..................................................................................................................... 61 F. Mechanics of Forming a Corporation .................................................................................... 61 G. Liability for Pre-Incorporation Activity ................................................................................... 61 H. “Defective Corporations” ...................................................................................................... 63 I. Enterprise Liability ................................................................................................................. 65 J. Agency .................................................................................................................................. 66 K. Piercing the Corporate Veil (PCV) ........................................................................................ 66 L. Justifications for PCV: Contract Creditors ............................................................................ 66 M. Comparing Our Suggested Rationale with the Case Law .................................................... 67 XI. Introduction to the Corporation: Summary Overview of Issues ....................................... 70 B. Derivative Actions ................................................................................................................. 72 C. Introduction – Fiduciary Duty to Corporations ...................................................................... 72 D. Three Hurdles For Derivative Actions: ................................................................................. 73 E. First Hurdle: Security Req’t .................................................................................................. 73 F. Second Hurdle: Demand Requirement ................................................................................. 74 G. The Business Judgment Rule (BJR) .................................................................................... 76 H. The Demand Requirement in Derivative Actions (Accountability vs Strike Suits) ................ 77 I. The Demand Requirement under MBCA ............................................................................... 77 J. The Demand Requirement under Delaware Law .................................................................. 77 K. Excusing the Demand Requirement under Delaware Law
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