Deborah E. Bouchoux - Business organizations for paralegals
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Business
Organizations
for
Paralegals
EDITORIAL ADVISORS
Deborah E. Bouchoux, Esq.
Georgetown University
Therese A. Cannon
Higher Education Consultant
Katherine A. Currier
Coordinator of Criminal Justice and Legal Studies
Elms College
Susan M. Sullivan
Former Director, Graduate Career Programs
University of San Diego
Laurel A. Vietzen
Professor Emeritus
Elgin Community College
Business
Organizations
for
Paralegals
Seventh Edition
Deborah E. Bouchoux, Esq.
Georgetown University
Member, California (inactive) and District of Columbia bars
Copyright 2016 Deborah E. Bouchoux.
Published by Wolters Kluwer in New York.
Wolters Kluwer serves customers worldwide with CCH, Aspen Publishers, and Kluwer Law International products. (www.wolterskluwerlb.com)
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Library of Congress Cataloging-in-Publication Data
Bouchoux, Deborah E., 1950 author.
Business organizations for paralegals / Deborah E. Bouchoux, Esq., Georgetown University, Member, California (inactive) and District of Columbia bars.Seventh Edition.
pages cm.(Aspen College series)
Includes index.
eISBN 978-1-4548-6140-9
1. Corporation lawUnited States. 2. Business enterprisesLaw and legislationUnited States. 3. Legal assistantsUnited StatesHandbooks, manuals, etc. I. Title.
KF1414.85.B68 2016
346.73065dc23
2015015803
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In memory of my beloved father,
Millard C. Eckmann.
Summary of Contents
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Contents
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Preface
The concepts of business organizations surround us every day. References are made to the stock market during each days news broadcasts. Newspapers and television reports often refer to partnerships and other forms of business entities. The ups and downs of major companies such as Microsoft, Coca Cola Company, and Wal-Mart are studied and analyzed in depth. Failures of companies such as Enron Corporation affect the lives of hundreds of thousands of people and often serve as the impetus for new legislation regarding corporate governance. Mergers and dissolutions of companies are reported as events significantly affecting the economy. Employees eagerly await the granting of stock options. Most newspapers in large cities devote an entire section of each daily issue to business or finance. Nevertheless, many of us have only a vague notion of the import and effect of the news of business organizations that we hear about each day. Some individuals are intimidated by the financial section of the newspaper or broadcast news reports, assuming that only those with degrees in business can appreciate and comprehend the business news.
This text is intended to provide readers with a basic and thorough understanding of the various types of business organizations operating in the United States. Learning about the advantages and disadvantages of different forms of business entities will provide you with the foundation to understand the business concepts that surround us. Equally important, understanding the nature of the various ways in which business is conducted in the United States will enhance your ability to perform competently as a paralegal. According to a 2015 survey by the National Association of Legal Assistants, except for litigation, corporate work represents the largest specialty practice area for paralegals, with 32 percent of paralegals engaged in some corporate work.
Although the study of business organizations is undoubtedly most useful for paralegals intending to participate in the field of corporate law, the concepts discussed in this text cross over to many other practice fields. For example, litigation paralegals will need to know whether partners in a partnership are personally liable for business debts, under which circumstances shareholders in a corporation may be liable for a corporations obligations, and whether members of a limited liability company can be sued. Paralegals engaged in the field of estates and trusts need to understand that the effect of a shareholders buy-sell agreement requires that shares owned by an individual at the time of death must be transferred to the corporation rather than to the decedents heirs. Paralegals working with general practitioners will need to know how to form all of the business organizations described in this text, draft resolutions, prepare corporate bylaws, and take minutes of meetings.
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