Business structures

This lesson is part of the full course.

In it you will learn to:

• Compare how each business form is created, who is personally liable, who manages it and how it ends
• Apply the partnership act's default rules on formation, partners' rights and duties, authority, liability, dissociation and dissolution
• Distinguish general and limited partners, and explain LLPs and LLLPs
• Explain how an LLC is formed and managed and what its members and managers owe
• Apply corporate law's core rules: promoters, articles and bylaws, directors' and officers' duties, the business judgment rule and shareholder rights
• Recognise when a court may pierce the corporate veil, and how each form is dissolved