LLCs and Partnerships

Limited liability companies (LLCs) and partnerships (including limited partnerships) are the choice of entity for most types of business and real estate ownership arrangements and ventures. They are the vehicle of choice for small businesses; venture, private equity, and hedge funds; real estate investment firms and syndications; various operations of multi-national companies; professional services firms; and many other venturers. This practice-focused course requires students to consider legal, financial, and other practical matters that businesses and property owners face when forming LLCs and partnerships, establishing an entity's governing documents, and operating and terminating an entity. Coverage includes identifying and adopting the optimal business structure for a specific venture, advising clients regarding and implementing the most appropriate management structure, exploring and creating sound capital structures, advising clients with respect to operations of such entities to address fiduciary duties and veil piercing, structuring entity transactions, and assisting with entity dissolution. Grading and Method of Evaluation Letter grade only. Final exam or problem preparation, analysis, and classroom participation.