As part of a continuing series on Spring 2017 semester courses that relate to innovation and business, this post spotlights Unincorporated Business Associations.
Recently, the formation of LLCs has vastly outpaced the number of corporations being formed in the United States. “In practice, unincorporated business entities are starting to consume a lot more of business lawyers time,” Professor Yockey observed. “Students in business law will probably spend more time with unincorporated firms than corporations” once they’re out of law school. Offered for the first time this spring, Unincorporated Business Associations provides students with an overview of the unincorporated entities they are likely to encounter once they graduate.
Unlike Business Associations, which is taught “form by form,” Unincorporated Business Associations will be taught “issue by issue.” “Rather than teach about partnerships, then LLPs, then LLCs, etc., the course is going to be organized around topics that track the life cycle of the enterprise,” Professor Yockey explained. The course will begin with how to choose an entity, then move on to how to form a specific entity, management and control issues, and finally will discuss issues of liability and financial rights.
The course will focus a little more on statutes than case law, providing a good forum for students to develop their statutory interpretation skills. In addition, the course will utilize practical simulations for students to apply the knowledge they’re gaining throughout the course.
Introduction to the main features of leading forms of unincorporated business associations, including limited liability companies (LLCs), limited partnerships, limited liability partnerships (LLPs), and hybrid for-profit/non-profit firms; topics include authority and management structure, fiduciary duties, financial rights, transfer rights, exit, and the unique issues affecting law and other professional firms; another unifying theme will be law and entrepreneurial action, with a specific focus on startup companies.
Thursday, Friday | 9:10 am – 10:40 am