Business Planning surveys legal considerations in forming, operating, and disposing of closely-held businesses. The course builds on the foundation laid in Business Associations I and Federal Income Tax and uses readings, problem sets, sample agreements, statutes and regulations, and class discussion to help students begin to recognize and deal effectively with the issues involved in:
- selecting a sole-proprietorship, partnership, corporation or limited liability company as the form for engaging in business
- structuring the economic benefits, management, and ownership succession of entities among multiple owners.
The course will devote substantial time to:
- understanding and drafting documents that form and govern a business entity
- reviewing the basic tax consequences of setting up, selling, or liquidating an entity in various settings
- understanding and drafting documents that one entity may use to acquire the business of another.
Other topics may include: employee compensation, small-business financing, and securities - law considerations in raising capital.
As its name suggests, Business Planning is a planning course and combines theory with practice. The course grade is based primarily on writing assignments, whch require students to draft and explain documents that an attorney would likely use in practice.