Catalogue 2019 - 2020

LAW 714 Business Planning

Credits

2

Prerequisite

Complete LAW-551; (Required, Previous).

Course Description

The course focuses on the legal issues arising in connection with the start-up and operation of closely-held business enterprises and the role of the lawyer as an advisor to these entities and their owners. Numerous case studies are used to expose the student to a broad range of structural planning issues and the practical and analytical challenges of the planning process. There is a heavy emphasis on planning traps and creative planning strategies. Different types of closely held businesses are analyzed, compared, and contrasted in case studies that raise important issues in co-ownership planning, enterprise funding, choice of entity planning, multiple entity planning, owner compensation, life insurance planning, structuring profit and capital interests, profit distribution planning and diversification, exit and business transition planning, employee relations and benefits, and retirement planning. Numerous drafting considerations and implementation mechanics also are reviewed. The course is designed to broaden the student's substantive knowledge on a broad range of issues and to help the student develop three essential planning skills: (1) the ability to identify and address business objectives, not just legal issues, (2) the ability to evaluate and apply specific strategic options, and (3) the ability to effectively communicate with non-lawyers. Prerequisite: LAW551, Business Organizations, although LAW 747, Income Tax I is NOT a prerequisite, students should be prepared to learn some tax matters during this course.

Fee