Chap014

The Legal and Regulatory Environment of Business

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Unformatted text preview: Chapter 14 - Formation and Operation of Business Organizations CHAPTER 14 FORMATION AND OPERATION OF BUSINESS ORGANIZATIONS I. LEARNING OBJECTIVES This chapter presents the factors to consider when faced with deciding which organizational form is best suited for a particular business activity. Upon completing this chapter, your students should realize that there is no easy answer to the question, which form is the best for all business activities. Your students should become familiar with the various business organizations that may be created. Specifically, the three basic organizational forms are presented along with four additional forms which are essentially hybrids of the basic forms. II. REFERENCES Carter, C.B. and J.W. Lorsch, Back to the Drawing Board: Designing Corporate Boards for a Complex World . Harvard Business School Press (2004). Cook, R.A., How to Start Your Own S Corporation . Wiley & Sons (2001). Cortenraad, W.H.F.M., The Corporate Paradox: Economic Realities of the Corporate Form of Organization . Kluwer Academic Publishers (2000). Gregory, W.A., Hornbook on the Law of Agency and Partnership , 3 rd ed. West Publishing Co. (2001). Hynes, J.D. and Lowenstein, Agency, Partnership, and the LLC in a Nutshell , 3 rd ed. West Publishing Co. (2005) Lowry, M.E., Corporate Governance for Public Company Directors . Aspen (2003). Marcus, A., Big Winners and Big Losers: The 4 Secrets of Long-Term Business Success and Failure . Pearson Education (2006). Morse, G., Partnership Law . Oxford University Press (2006). ACTS: Revised Model Business Corporation Act Model Business Corporation Act Revised Uniform Limited Partnership Act Uniform Limited Liability Company Act 14-1 Chapter 14 - Formation and Operation of Business Organizations Uniform Limited Partnership Act Uniform Partnership Act III. TEACHING OUTLINE 1. Forms of Business Organizations A. Emphasize : (1) The meanings of the terms "closely-held" and "publicly-held" organizations. (2) Why our emphasis is on closely-held organizations. (3) That there are three basic forms of business organizations: a. Sole Proprietorship b. Partnership c. Corporation (4) That this chapter also discusses four hybrid forms that businesses may use: a. Limited Partnership b. S Corporation c. Limited Liability Company d. Limited Liability Partnership B. Additional Matter for Discussion (1) Sidebar 14.1 listing the various forms of business organizations. (2) Have students distinguish among these organizational forms as a preview to the following material. 14-2 Chapter 14 - Formation and Operation of Business Organizations FACTORS TO CONSIDER WHEN SELECTING A BUSINESS’S ORGANIZATIONAL FORM 2. Creation A. Emphasize : (1) What is meant by the phrase “creation of an organization.” (2) That the legal steps necessary to create various forms of business organization usually are of critical importance unless time and money are essential considerations....
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Chap014 - Chapter 14 Formation and Operation of Business...

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