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.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction - General Considerations in Forming Business Entities
Corporations
- Formation
- Governance and Operation
- Common Uses and Key Characteristics
LLCs
- Formation
- Governance and Operation
- Common Uses and Key Characteristics
Partnerships (General and Limited)
- Formation
- Governance and Operation
- Common Uses and Key Characteristics
Statutory Trusts
- Formation
- Governance and Operation
- Common Uses and Key Characteristics
Key Differences Between Entities
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 29, 2022.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
- NALA 1.08
- This program is applicable for continuing legal assistant education credit. Please check with your accrediting board to see if this course will qualify towards your recertification requirements.
Program Length: 1.08 hour(s).
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
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 restructuring
- 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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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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