COURSE DESCRIPTION
The Introduction to Legal Entities course provides a comprehensive understanding of different legal entities, their formation, characteristics, and significance in the business and legal landscape. Participants will delve into the world of legal entities, exploring various structures such as sole proprietorships, partnerships, corporations, limited liability companies (LLCs), non-profit organizations, cooperatives, and hybrid entities.
Why Join this course?
Foundational Knowledge: The course provides a solid foundation and understanding of the various types of legal entities that exist in business law. It covers the basics of different business structures such as partnerships, corporations, limited liability companies (LLCs), and sole proprietorships. This knowledge is essential for any aspiring lawyer or law student who wishes to practice or specialize in business or corporate law.
Practical Relevance: Understanding legal entities is crucial because businesses operate within specific legal frameworks. By learning about legal entities, students and junior lawyers gain practical knowledge that can be directly applied to real-world scenarios. They will be better equipped to advise clients on selecting the appropriate legal entity for their business, understanding the rights and obligations associated with each entity type, and assisting in the formation or dissolution of business entities.
Business Law Practice: Many legal issues and cases involve the interpretation and application of laws related to legal entities. Joining a course on introduction to legal entities helps students and junior lawyers grasp the legal principles, concepts, and terminology commonly associated with business entities. This knowledge will serve as a valuable asset when engaging in legal research, drafting legal documents, or providing legal advice pertaining to business formations, partnerships, corporate governance, liability issues, and more.
COURSE INSTRUCTION
This course has been designed by practicing lawyers and company law lecturers.
SYLLABUS
- Unit 1: An Introduction to Legal entities
- Unit 2: Sole Proprietorship
- Unit 3: Partnership
- Unit 4: Corporation
- Unit 5: Other legal entities
- Unit 6: Choosing the right legal entity
REQUIREMENTS
No prior knowledge is required.
COURSE AIMS
This course aims to give an introduction to the various legal entities that a person can consider when going into business.
SUITABLE FOR
An introductory course on legal entities is beneficial for various individuals who have an interest or involvement in business, law, or related fields. Here are some groups of people who should consider joining such a course:
- Law Students: Law students, particularly those specializing in business law or corporate law, can greatly benefit from an introductory course on legal entities. It provides them with essential knowledge and understanding of different business structures, enabling them to better grasp the legal principles, rights, and obligations associated with each entity type.
- Junior Lawyers: Junior lawyers who are beginning their careers or transitioning into business law can greatly benefit from an introductory course on legal entities. It helps them develop a solid foundation and practical understanding of the various legal entities, enabling them to provide accurate advice to clients, draft legal documents, and handle legal matters related to business formations, partnerships, and corporate governance.
- Entrepreneurs and Business Owners: Entrepreneurs and business owners who are starting or managing their own businesses can benefit from understanding different legal entities. By joining an introductory course, they gain knowledge on the advantages and disadvantages of each entity type, allowing them to make informed decisions about the appropriate legal structure for their business and understand the legal implications associated with their chosen entity.
- Accountants and Financial Professionals: Accountants and financial professionals play a crucial role in advising businesses on financial matters, including tax planning and financial reporting. Understanding legal entities and their implications is vital for these professionals to provide accurate guidance regarding tax considerations, financial reporting requirements, and other financial aspects related to different business structures.
- Consultants and Advisors: Consultants, advisors, and business professionals who provide guidance and support to organizations can benefit from an introductory course on legal entities. It equips them with a foundational understanding of legal structures, enabling them to assist clients in making informed decisions about the appropriate business entity, as well as addressing legal and compliance issues related to business formations and transactions.
- Non-Legal Professionals in Business: Non-legal professionals working in various business functions, such as human resources, operations, or compliance, can benefit from an introductory course on legal entities. It provides them with a working knowledge of different entity types, helping them navigate legal requirements, contractual agreements, and compliance matters within their respective roles.
COURSE LEARNING OUTCOMES
Following completion of this course, students will be in a position to:
Unit 1: An Introduction to Legal entities
- Understanding the concept of legal entity and its historical roots.
- Understand the importance of legal entities in business and legal framework
- Name the various legal entities that are available.
Unit 2: Sole Proprietorship
- Define what a sole proprietorship is
- Name the characteristics of a sole proprietorship
- Understand how a sole proprietorship is formed.
- Understand the ownership structure and considerations that should be assessed.
- Understand the advantages and disadvantages of a sole proprietorship.
Unit 3: Partnership
- Define and understand what a partnership is.
- Understand the difference between a general partnership, limited partnership and limited liability partnership is.
- Understand the formation, role and responsibility of partnerships
- Understand the advantages and disadvantages of partnerships structures.
Unit 4: Corporation
- Understand what a corporation is
- Understand the general incorporation process and the legal requirements
- Understand the role of shareholders, directors, secretaries and other various officers in a corporation
- Understand and appreciate the advantages and disadvantages of a corporation
- Understand the difference between a company limited by shares and guarantee
- Understand the difference between a public company and a private company.
- Understand the concept of shares and share capital.
Unit 5: Other legal entities
- Appreciate the other legal entity options available.
- Understand when a non-profit organization may be appropriate
- Understand when a cooperative may be appropriate
- Understand what a hybrid entity is.
- Understand what a trust is.
Unit 6: Choosing the right legal entity
- Understand what factors should be considered when determining the appropriate legal entity
- Understand the need to tailor the legal entity to the particular circumstances.
