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Chapter1 YOUR CLIENT WANTS TO GO INTO BUSINESS1

Introduction1

Types of Business Entities2

Sole Proprietorship2

Taxes2

Sale or Disposal3

Death3

Advantages of a Sole Proprietorship3

Disadvantages of a Sole Proprietorship4

General Partnership4

Number of Persons and Investment Needed4

Name of General Partnership4

Advantages of a General Partnership4

Disadvantages of a General Partnership5

Oral General Partnership5

Agent of Partnership6

Apparent Authority6

Termination of Partnership on Death of a Partner6

Loyalty6

Adding Partners or Selling a Partner’s Interest7

Assignment of Interest7

Liability of New Partner7

Partnership Agreement7

Assets8

Right to Sue and Be Sued8

Advantages of a General Partnership9

Disadvantages of a General Partnership9

Limited Partnership9

Restricted Rights of Limited Partners10

Tax Advantages10

Ownership of Real Property and Ability to Sue and Be Sued in Its Name10

Uses of Limited Partnerships10

Advantages of a Limited Partnership11

Disadvantages of a Limited Partnership11

Corporations11

Limited Liability Company（LLC）12

Limited Liability Company Members12

Operating Agreement12

Recording Requirements13

Types of Limited Liability Companies13

A Legal Entity13

History13

Non-Corporate Business13

Investment in Limited Liability Companies14

Taxation of an LLC14

Dissolution of an LLC14

Rule of IRS for Taxation as a Partnership14

Limited Liability Partnership（LLP）15

Summary15

Chapter2 WHAT IS A CORPORATION？17

Duties of a Legal Secretary and/or Paralegal with Reference to a Corporation17

Nature of a Corporation18

Revised Model Business Corporation Act18

Domestic，Foreign，and Alien Corporations19

Sovereignty19

Attributes of a Corporation19

Taxation19

Legal Entity20

Creature of the State20

Freely Transferable Stock20

Centralized Management20

Perpetual Existence20

Citizenship20

Liability of Stockholders21

Types of Corporations21

Public Corporation21

Publicly Held Corporation21

Domestic，Foreign，and Alien Corporations22

For Profit Corporation22

Professional Corporation23

Nonprofit Corporation23

Close Corporation（Closely Held）23

Private Corporation23

SubChapterS Corporation23

Summary24

Chapter3 DECIDING WHETHER AND HOW TO INCORPORATE27

Introduction27

Selecting a State in Which to Incorporate27

Increase of Start-UP Costs28

Publicly Traded Corporations28

Delaware Corporations28

Revised Model Business Corporation Act29

Organization of Corporation29

Certificate of Incorporation，Articles of Incorporation，Charter29

Powers of a Corporation29

Resident Agent30

Issuance of Stock30

Subscription Rights30

How to Incorporate30

Delaware Corporation Benefits31

Promoters31

Incorporating31

Subscriber32

Pre-Incorporation Transactions33

Summary33

Chapter4 CORPORATION STRUCTURE36

How to Become a Shareholder36

Management of a Corporation37

Publicly Traded Corporations37

Board of Directors38

The Re*sed Model Business Corporation Act（Section 8.01（b），RMBCA）39

Qualification of Directors（Section 8.02，RMBCA）39

Number and Election of Directors39

Section 8.03（a），RMBCA39

Section 8.03（b），RMBCA39

Section 8.03（c），RMBCA40

Term of Office40

Terms of Directors Generally（Section 8.05，RMBCA）40

Resignation of Directors40

Removal of Directors by Shareholders40

Voting Group of Shareholders41

Removal of Directors by Judicial Proceeding41

Vacancy on Board（Section 8.10，RMBCA）42

Compensation of Directors42

Meetings of the Board of Directors42

Action Without Meeting43

Notice of Meeting43

Waiver of Notice43

Quorum and Voting44

Section 8.24，RMBCA44

Committees on the Board45

Committees（Section 8.25，RMBCA）45

Officers46

Required Officers（Section 8.40，RMBCA）47

Officers’Term of Office47

Summary47

Chapter5 DO YOU WANT A CLOSE CORPORATION？50

Introduction50

Definition of a Close Corporation52

Model Statutory Close Corporation Supplement52

Legislative Intent-Various States-as to Close Corporations52

Qualify and Elect Close Corporation Status-Delaware53

Existing Corporation to Become a Close Corporation-Delaware53

Why Would You Want a Close Corporation？54

Possible Future Problems Without a Close Corporation54

Close Corporation-Advantages54

Freeze-outs55

How Do You Set Up a Close Corporation？55

Voting55

Agreement55

The Close Corporation Agreement Should Cover at Least the Following Areas56

Summary60

Chapter6 DUTIES OF OFFICERS AND DIRECTORS65

Introduction65

Loyalty66

Remedies for Violation of Duty of Loyalty66

Punitive Damages67

Duty of Obedience67

Duty of Diligence67

Statutory Due Care68

General Standards for Directors（Section 8.30，RMBCA）68

Standards of Conduct of Officers（Section 8.42，RMBCA）69

Self Interest（Conflict of Interest）69

Director Conflict of Interest（Section 8.31，RMBCA）70

SubChapterDefinitions（Section 8.60，RMBCA）71

Judicial Action（Section 8.61，RMBCA）72

Directors’Action（Section 8.62，RMBCA）72

Shareholders’Action（Section 8.63，RMBCA）73

Discussion of Sections 8.60-8.63 RMBCA（Known as SubChapterF）73

Compensation and Waste74

Compensation Plans for Executives75

Incentive Stock Options75

Non-Qualified Stock Options（Sometimes Called Nonstatutory）76

Stock Appreciation Rights76

Phantom Stock76

Restricted Stock77

Duties of Controlling Stockholders77

Use of an Independent Committee of Directors to Shift Burden of Proof78

Sale of a Controlling Interest78

Purchase of a Controlling Interest78

Sale of Corporate Office（Directorships）or Management Control Without Voting Control79

Business Judgment Rule79

Standards of Review and Standards of Conduct in Corporation Law80

Liability of Directors80

Limiting Liability of Directors（Section 2.202（b）（4），RMBCA）80

Shareholders Liability—Optional81

Protection of Directors81

Summary81

Chapter7 RAISING CAPITAL88

Introduction88

Blue Sky Laws89

Debt Securities89

Bonds90

Debentures90

Indentures90

Promissory Notes91

Corporate Power to Issue Debt Securities91

General Powers（Section 3.02，RMBCA）92

Callable Bonds92

Convertible Bonds92

Income Bonds93

Participating Bonds93

Secured Bonds93

Unsecured Bonds（Debentures）93

Equity Securities94

Right to Issue Shares94

Par Value94

Articles of Incorporation（Section 2.02（b）（iv），RMBCA）95

No Par Value95

Issuance of Shares（Section 6.21，RMBCA）95

Treasury Stock96

Reports to Shareholders（Section 16.21，RMBCA）96

Consideration Needed to Purchase Shares96

Stocks Corporations Can Issue97

Authorized Shares（Section 6.01，RMBCA）97

Common Stock98

Classes and Series of Stock98

Preferred Stock99

Straight Preferred Stock99

Stock Options，Stock Rights，and Stock Warrants99

Retained Earnings99

Summary100

Chapter8 SHAREHOLDER RIGHTS104

Introduction105

Right to Vote105

Liability of Shareholders105

Liability of Shareholders（Section 6.22，RMBCA）106

Shares Represented by Certificates and Shares Without Certificates106

Form and Content of Certificate（Section 6.25，RMBCA）106

Shares Without Certificates（Section 6.26，RMBCA）107

Right to Vote107

Voting Requirements107

Shareholders List for Meeting（Section 7.20，RMBCA）108

Voting Power of Shares109

To Control Voting and/or Election of Directors109

How Directors Are Elected110

Staggered Terms for Directors（Section 8.06，RMBCA）110

Noncumulative Voting110

Cumulative Voting110

Formulas for Minority to Elect One Director111

Defective Incorporation111

Liability for Preincorporation Transactions（Section 2.04，RMBCA）112

Limited Liability112

Ultra Vires112

Ultra Vires（Section 3.04，RMBCA）113

Piercing the Corporate Veil113

Commingling of Corporate Funds114

Proxy114

Proxy Solicitation114

Proxies（Section 7.22，RMBCA）115

Securities Exchange Act，1934，Rule 14（a）115

Shareholders Right to Inspect Books and Records116

Inspection of Records by Shareholders（Section 16.02，RMBCA）116

Scope of Inspection Rights117

Summary117

Chapter9 CAPITAL AND DISTRIBUTION123

Introduction124

Corporate Liability124

Low Par Stock124

California and the RMBCA，Reference Par Value125

Distributions（Section 1.40（6），RMBCA）125

Dividends125

Dividend Payments126

Directors Liability for Declaring Improper Dividends or Distributions127

Liability for Unlawful Distribution（Section 8.33，RMBCA）127

Kinds of Dividends128

Corporation’s Acquisition of Its Own Shares（Section 6.31，RMBCA）129

Lost，Destroyed，and Stolen Certificated Securities129

Lost，Destroyed，and Stolen Certificated Securities（Uniform Commercial Code，Section 8-405）130

Liability and Non-Liability for Registration（UCC，Section 8-404）130

Effect of Overissue（UCC，Section 8-104）131

Endorsements;Instructions（UCC，Section 8-308）131

Issuer’s Duty as to Adverse Claims（UCC，Section 403）131

Assurance That Endorsements and Instructions Are Effective（UCC，Section 8-402）132

Investment Securities132

Certificated and Uncertificated Securities133

Ownership of a Security133

Rights and Obligations of Certificated and Uncertificated Shareholders133

Issuer Must Register a Transfer of Security Ownership When Requested133

Transfer of Securities133

Transfer;Warranties134

Unauthorized or Forged Endorsement134

Summary134

Chapter10 SHAREHOLDER SUITS140

Introduction141

Derivative Action141

Party That Can Bring a Derivative Action142

Derivative Proceedings，Definitions（Section 7.40，RMBCA）142

Standing（Section 7.41，RMBCA）142

Shareholder of a Parent Corporation143

Creditors and Derivative Actions143

Indispensable Party to Derivative Action143

Difference between a Derivative and a Direct Action143

Five Additional Areas That Give Rise to a Direct Action144

Five Additional Areas That Give Rise to a Derivative Action144

Continuing Wrong Theory145

Demand（Section 7.42，RMBCA）145

Derivative Action Without a Demand on the Board，New York State145

Independent Committee to Investigate Basis for Derivative Action145

Decision by Disinterested Committee146

Dismissal（Section 7.44，RMBCA）146

Demand on Shareholders147

Right to Trial by Jury，Derivative Action147

Discontinuance or Settlement（Section 7.45，RMBCA）147

Counsel Fees for Plaintiff，Derivative Actions148

Payment of Expenses（Section 7.46，RMBCA）148

Security for Expenses148

Avoiding Posting a Bond for Security148

Strategy to Avoid Posting a Bond or Reducing the Amount149

Indemnification149

Settlement of Derivative.Actions150

Shareholders Who Object to a Settlement150

Class Actions150

Summary151

Chapter11 MERGERS，ACQUISITIONS，AND DISSOLUTIONS155

Introduction156

Merger156

Consolidation156

Business Acquisitions（Other Than Merger）156

Sale of Substantially All Assets of a Corporation157

1．In Regular Course of Business157

2．Not in Regular Course of Business158

Right to Dissent（Section 1302，RMBCA）158

Appraisal Rights159

Dissenters’Right to Appraisal159

Stock Market Exception to Appraisal Rights159

Statutory Merger160

Surviving Shareholder Approval Not Required160

Short Form Merger160

Tax Aspects of Corporate Acquisitions161

Triangular Mergers161

Reverse Triangular Merger162

Share Exchange163

Public Corporation Going Private163

Dissolution163

Voluntary Dissolution164

Dissolution by Board of Directors and Shareholders（Section 14.02，RMBCA）164

Payment of Known and Unknown Claims in Dissolution164

Summary166

Chapter12 WHAT ARE INSIDER AND TENDER OFFERS？170

Introduction171

Securities Act of 1933171

Securities Exchange Act of 1934172

Who Is an Insider？172

Short-Swing Profits Section 16（b）Securities Exchange Act of 1934172

Securities Exchange Act of 1934，Rule 10b-5173

Securities Exchange Act of 1934（Antifraud Provision），Section 10173

Discussion：Section 16（b）and Rule 10b-5 Securities Exchange Act of 1934173

Antifraud Provision，Section 10（b）and Rule 10b-5 Securities Exchange Act of 1934174

Causation and Reliance：Rule 10b-5174

Case Law Under Rule 10b-5 Securities Exchange Act of 1934175

Elements Needed for a Rule 10b-5 Private Action Securities Exchange Act of 1934176

Securities Exchange Act of 1934，Section 20A176

Civil Penalties for Insider Trading176

Tender Offers177

Terminology with Tender Offers177

Toehold Acquisitions，Tender Offers，and the Williams Act，Sections 13（d），14（d），and 14（e），Securities Exchange Act of 1934178

Summary179

Chapter13 PUBLIC DISTRIBUTION OF SECURITIES185

Introduction186

Brief Description of the Securities Act of 1933186

Registration187

The Registration Process187

Exemptions to Registration188

How to Take a Small Business Public188

Types of Underwriting189

What Is a Security？190

What Is a Sale？（Reference to Security）190

What Is an Offer to Sell？190

Section 5（a），Securities Act of 1933190

Limited Offering Exemptions—Private Offers191

Rule 504 Securities Act of 1933191

Rule 505 Securities Act of 1933191

Rule 506 Securities Act of 1933192

Mechanics of Registration192

After Registration193

Duties and Prohibitions When in Registration193

Liability Under the Securities Act194

Blue Sky Laws194

Antifraud Provisions195

Misleading Proxy Statements196

Fraudulent Tender Offers196

Criminal Sanctions196

Summary196

Appendix A FORM OF CERTIFICATE OF INCORPORATION FOR THE STATE OF DELAWARE200

Appendix B FORM OF MINUTES OF ORGANIZATION MEETING201

Appendix C FORM OF BYLAWS204

Appendix D FORM FOR A CLOSE CORPORATION AGREEMENT211

Appendix E FORM FOR CERTIFICATE OF AGREED VALUE216

Appendix F FORM FOR A PROXY217

Glossary219

Index229