Closely Held Business Organizations: Cases, Materials, and Problems, Statutory Supplement

This statutory supplement focuses on closely held businesses, including agency, general partnerships, close corporations, limited partnerships, limited liability partnerships, limited liability companies, and other hybrid entities.

Format: Paperback / softback
Length: 1646 pages
Publication date: 30 November 2020
Publisher: West Academic Publishing

This statutory supplement focuses on closely held businesses, including agency, general partnerships, close corporations, limited partnerships, limited liability partnerships, limited liability companies, and other hybrid entities.

These businesses are typically owned and operated by a small group of individuals, known as shareholders or partners. The supplement provides guidance on a range of issues, including the formation and organization of these businesses, the rights and responsibilities of shareholders and partners, and the tax implications of operating a closely held business.

One of the key issues addressed in the supplement is the distinction between a corporation and a closely held business. Corporations are legal entities that are separate from their owners, while closely held businesses are not. This distinction has important tax implications, as corporations are subject to double taxation, while closely held businesses are not.

The supplement also provides guidance on the formation of various types of closely held businesses, including limited liability companies (LLCs) and limited liability partnerships (LLPs). These entities are designed to provide limited liability protection to their owners, which can be particularly valuable in certain industries, such as healthcare and finance.

Shareholders and partners in a closely held business have different rights and responsibilities. For example, shareholders are typically entitled to a share of the profits of the business, while partners are typically responsible for the management and operation of the business. The supplement also provides guidance on the dissolution and winding up of a closely held business, as well as the legal issues that may arise during this process.

In conclusion, this statutory supplement is an important resource for individuals and businesses operating closely held businesses. It provides guidance on a range of issues, including the formation and organization of these businesses, the rights and responsibilities of shareholders and partners, and the tax implications of operating a closely held business. By understanding the legal requirements and considerations involved in operating a closely held business, individuals and businesses can ensure that they are operating in compliance with the law and maximizing their potential for success.

Weight: 2332g
Dimension: 187 x 255 x 48 (mm)
ISBN-13: 9781683281825
Edition number: 3 Revised edition