Description
Module 02 Content
Purpose of Assignment: The purpose of this assignment is to understand the documentation necessary to form a corporation.
Course Competency: Describe the structure of a corporation
Instructions
Content:
A client, Jack Porter, has approached your supervising attorney about incorporating his small event business to protect him from liability and gain additional capital, in your state. Jack’s business is to be called Osprey Financial, Inc. The company is a financial services and wealth management firm located in your state. Jack will be the registered agent for service of process. His address (and that of the business) is 5363 Apple Valley Dr., Suite 388, Middleville, 34526. Jack will be on the Board of Directors, and will also be a shareholder together with his sister Angela Porter, and his brother, Mark Porter. Jack will own 70%, with his sister and brother each owning 15%.
Your supervising attorney has requested you locate the proper Articles of Incorporation forms for your state (through the secretary of state website in your state) and prepare the forms to incorporate Osprey Financial Inc.
Your supervising attorney has also requested you research and explain in a short memo the following information:
The process for forming the corporation
The filing fees and timeframe for the corporation to be formed
Potential sample bylaws or sections of bylaws that might be applicable to a financial corporation that he can discuss with Jack at their next meeting
Format:
Your assignment should be formatted as a memorandum to your supervising attorney, with the completed forms attached. Your memorandum should be 1-2 pages in length, with proper formatting, spelling and grammar. You should use at least 3 primary legal sources formatted according to Bluebook Standards. For writing assistance, consider using Grammarly or submitting your written assignment to the Writing Lab prior to submitting your assignment.
Your memo should contain the following sections:
Heading or Caption
Facts
Issue(s) Presented
Answer to Issue
Reasoning or Discussion
Conclusion
Resources
How do I create a Legal Memo?
Microsoft Word
LexisAdvance or FastCase
Submit your completed assignment by following the directions linked below. Please check the Course Calendar for specific due dates.
Save your assignment as a Microsoft Word document. (Mac users, please remember to append the “.docx” extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:
Jstudent_exampleproblem_101504Module 03 Content
Assignment no2.
Purpose of Assignment: The purpose of this assignment is to understand the various entity types for businesses.
Course Competency: Distinguish between the various types of business entities.
Instructions
Content:
Your client, Arthur Krupke, is back. He has approached your supervising attorney about his business, Krupke’s Consultants, and is ready to move forward with his business. The client will be hiring management consultants as employees to go into other businesses and advise them on how they can improve their operations. Arthur has been doing some of his own research about entity types, but would like assistance in forming his business. Arthur is concerned about his investment and his own personal assets should the business fail. He is also still worried about liability he may face for the actions of others. Arthur detests having decisions made for him. He likes to be involved in all business decisions. He is considering opening the business with a couple of friends, but his friends have the same concerns as Arthur about liability and control over business decisions. Your supervising attorney has asked you to draft a memo detailing all the pros and cons of the following entity types for Arthur:
Sole Proprietorship
General Partnership
Limited Partnership
Limited Liability Company
In addition to explaining the pros and cons, you should make a recommendation of which entity would work best for Arthur’s concerns, and describe the process for forming the business as that entity.
Format:
Your assignment should be formatted as a memorandum from your supervising attorney to the client. Your memorandum should be 2-3 pages in length, with proper formatting, spelling and grammar. You should use at least 3 primary legal sources formatted according to Bluebook Standards. For writing assistance, consider using Grammarly or submitting your written assignment to the Writing Lab prior to submitting your assignment.
Your memo should contain the following sections:
Heading or Caption
Facts
Issue(s) Presented
Answer to Issue
Reasoning or Discussion
Conclusion
