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Key Legal Distinctions Between Business Entities


Learn how to form the various types of entities, key aspects of governance, and operation of such entities.

When selecting what type of entity is best for use in a particular business, there are many factors to consider, including the particular industry in which it will be used, startup and maintenance costs, limited liability and ownership structure, statutory default rules, and management and governance considerations, including whether fiduciary duties should apply. In light of the different types of entities and structures available, professionals need to determine which entity form is best for their particular circumstances. This course will help the professionals responsible for business formation to understand how to form the various types of entities, key aspects of governance and operation of such entities, and key characteristics of each, including common uses in different industries.



Michael P. Maxwell

Michael P. Maxwell

Potter Anderson & Corroon LLP

  • Partner at Potter Anderson & Corroon LLP
  • Advises clients on matters of Delaware corporate and business law in transactions involving Delaware alternative entities and corporations, including investment and private equity fund transactions, fund formations, joint ventures, cross-border transactions, mergers, acquisitions, asset sales and purchases, dissolutions, and restructurings
  • Represents both lenders and borrowers in a variety of commercial financing transactions, including asset-based financing, real estate mortgage financings, and other credit-related transactions; he advises management, boards, and special committees of Delaware entities on matters of operation and governance, including with respect to fiduciary duty and contractual interpretation issues; he also provides legal opinions on issues of Delaware law in connection with the foregoing
  • Currently serves as a member of the bar association drafting committee responsible for the Delaware Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act, and the Delaware Revised Partnership Act; assists with annual edits to Symonds & O’Toole on Delaware Limited Liability Companies, published by CSC/LexisNexis, and co-authors articles on amendments to Delaware’s corporate and alternative entity statutes and the Delaware UCC, which are published regularly in CSC’s Delaware Laws Governing Business Entities
  • J.D. degree, Tulane Law School; B.A. degree, University of Louisville
  • Can be contacted at [email protected] or 302-984-6121

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