Business Associations, Agency, Partnerships and Corporations

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Business Associations law books, corporation law, study aids, Business outlines, Business Association law exams, agency, partnership and LLC's

For Business Associations study aid I recommend the Agency, Partnership and LLC'c Examples and Explanations. There is a list of outlines below that you can go over but you really need to develop your own outline. Use these only as a guide and to be sure you have not missed anything. The Business Associations essay is where you need to pick out and discuss the issues. Your professor has a grading sheet and has assigned a value to each issue. The key is to recognize and then discuss each issue in the short amount of time allotted. The best way is to go over old Business Associations and Corporations exams and do a timed practice.

The Business Law course offers a comprehensive survey of the law of business associations from sole entrepreneur through partnership and corporate formation. It includes a broad examination of merger, acquisition, director's liability and other corporate and business law topics. Principal emphasis is on the law as it applies to the organization and functioning of corporations. Shareholder agreements, classes of shares, rights of first refusal, methods of financing, and voting trusts are also incorporated.

The Law of Agency

There are four ways to create an agency relationship:

  • Contract: The principal and agent expressly agree that the agent will act on the principal’s behalf;
  • Ratification: The agent acts without the principal’s consent, but the principal accepts the agent’s acts;
  • Estoppel: The agent and principal have no agreement, but the third party reasonably believes they do, and it would be unjust not to let the third party rely on that belief (especially if the principal or agent knew the third party believed agency existed, but didn’t try to correct him);
  • Necessity: The agent and principal have no agreement, but the agent has to act to prevent an injury to people or property.

The Law of Partnerships

A partnership is a for-profit business association of two or more persons. Because the business component is defined broadly by state laws and because "persons" can include individuals, groups of individuals, companies, and corporations, partnerships are highly adaptable in form and vary in complexity. Each partner shares directly in the organization's profits and shares control of the business operation. The consequence of this profit sharing is that partners are jointly and independently liable for the partnership's debts. LLI 

Recent Supreme Court Cases on Partnerships

The Law of Corporations

A corporation is a legal entity created through the laws of its state of incorporation. Individual states have the power to promulgate laws relating to the creation, organization and dissolution of corporations. Many states follow the Model Business Corporation Act. State corporation laws require articles of incorporation to document the corporation's creation and to provide provisions regarding the management of internal affairs. Most state corporation statutes also operate under the assumption that each corporation will adopt bylaws to define the rights and obligations of officers, persons and groups within its structure. States also have registration laws requiring corporations that incorporate in other states to request permission to do in-state business. LLI

Business Associations Outlines

Business Association Outline Law School 2004 California

Business Law and Corporations Exams and Model Answers

Corporations Exams and Model Answers

Multiple Choice Business Law Exam

University of Chicago Law School Exams

Business Law Websites

Business Law Professor Blog

Powerpoint on Agency

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