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Dec 01, 2024
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LSP 250 - Corporate LawCredits: 2 Describes the nature of corporations, partnerships, and proprietorships with an emphasis on the corporate structure including formation and dissolution, amending Articles of Incorporation and by-laws, shareholders’ and directors’ meetings, corporate equity and debt securities, as well as employment and shareholders agreements.
Prerequisite(s): ENG 111 or OAT 151 with a minimum grade of “C” and enrollment in Legal Support Professional program or permission of instructor Corequisite(s): None Lecture Hours: 30 Lab Hours: 0 Meets MTA Requirement: None Pass/NoCredit: No
Outcomes and Objectives
- Describe the characteristics of sole proprietorship.
- Identify the essential elements for formation of sole proprietorship.
- Describe tax liabilities of the sole proprietorship.
- Describe the duties of the sole proprietorship.
- Describe the liabilities of the sole proprietorship.
- Identify the essential element for termination of sole properietorship.
- Describe the characteristics of limited partnerships and limited liability companies.
- Identify the essential elements for formation of limited partnership and limited liability companies.
- Describe the tax liabilities of limited partnership and limited liability companies.
- Describe the duties of the limited partnership and limited liability companies.
- Describe the liabilities of the limited partnership and limited liability companies.
- Identify the essential element for termination of limited partnership and limited liability companies.
- Describe the procedure for corporate changes.
- Demonstrate knowledge of the procedure for mergers.
- Identify the requirements for a plan merger, director and shareholders approval, and filing requirements.
- Demonstrate knowledge of the procedure for consolidation.
- Identify the requirements for plan of consolidation.
- Explain the effect of sale and purchase of assets.
- Describe the requirements for corporate meetings.
- Discuss when directors meetings are needed or required.
- Discuss when shareholders meetings are needed or required.
- Discuss how to organize a corporate minute book for corporate meetings.
- Demonstrate knowledge of voting requirements.
- Demonstrate understanding of voting rights of shareholders.
- Describe the procedure for distributing corporate profits and dissolution of corporations.
- Demonstrate knowledge of the procedure for the authorization and distribution of dividends.
- Distinguish between cash, property, and share dividends.
- Demonstrate an understanding of common stock and preferred stock.
- Demonstrate knowledge of articles of dissolution.
- Explain the difference between winding up and liquidating.
- Identify the forms of involuntary dissolution.
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