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Compare and contrast the laws involving the principal types of business organizations utilized in the United States
Assessment Strategies
by completing a written evaluation
Criteria
you analyze the laws governing the creation and operation of sole proprietorships
you analyze the laws governing the creation and operation of general partnerships
you analyze the laws governing the creation and operation of limited liability partnerships
you analyze the laws governing the creation and operation of limited partnerships
you analyze the laws governing the creation and operation of limited liability companies
you analyze the laws governing the creation and operation of corporations
you identify the statutes that govern the various types of business organizations
you examine the characteristics of each form of business entity
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Determine which legal documents are necessary to create each of the principal types of business organizations
Assessment Strategies
by submitting written evidence of familiarity with the Wisconsin Department of Financial Institutions website
by submitting the required forms, completed with the data given
by completing a written evaluation
Criteria
the forms and the DFI written activity are computer-printed and free of grammatical and spelling errors
the forms and the DFI written activity are complete and reflect the data given
the forms are the current available forms
the forms are in legally acceptable format
the forms are accompanied by filing instructions
the DFI written activity reflects that the student correctly located items on the DFI website
the written evaluation includes an explanation of the legal formalities necessary to form each type of business organization
the written evaluation includes an identification of the documents necessary to form each type of business organization
the written evaluation includes an explanation of the purpose of each of the documents necessary to form each type of business organization
the written evaluation summarizes the legal significance of each of the documents necessary to form each type of business organization
the written evaluation includes an analysis of the legal significance of and necessity for internal governing documents (eg, partnership agreements, operating agreements, bylaws)
the written evaluation includes an examination of the legal significance of common provisions in operating agreements
the written evaluation includes an identification of the tools and resources available for the preparation of legal documents
the written evaluation includes an analysis of the objectives of an organizational meeting and their importance
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Determine the appropriate business organization for a business to adopt
Assessment Strategies
by submitting a memo recommending the most appropriate form of business entity to be used for the case study facts given
by completing a written evaluation
Criteria
the memo follows the prescribed memo format
the memo is typewritten and is free of grammatical and spelling errors
the memo includes all the essential and significant facts and excludes insignificant facts
the memo includes a discussion of the most appropriate options and accurately addresses the advantages and disadvantages of these different options
the memo includes a recommendation that is consistent with the situation and the analysis in the memo
the memo includes a consideration of additional options
the written evaluation includes an examination of the distinctions between the forms of business entities in terms of ownership, management, and personal liability of owners
the written evaluation includes an examination of the advantages and disadvantages of each form of business entity in terms of formation and operation
the written evaluation includes an analysis of the consequences of choosing a particular form of business organization
the written evaluation includes an analysis of double taxation
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Prepare all documents necessary to form and organize a limited liability company in compliance with the Wisconsin Limited Liability Company Act
Assessment Strategies
by submitting the required forms, completed with the data given
Criteria
all necessary forms are included
the forms are computer-printed and free of grammatical and spelling errors
the forms are complete and reflect the data given
the forms are the current available forms, if the state prescribes mandatory forms
the forms are in legally acceptable format
the forms are accompanied by a statement indicating which forms must be filed, and indicating the filing instructions for such forms
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Prepare all documents necessary to form and organize a corporation in compliance with the Wisconsin Business Corporations Act
Assessment Strategies
by submitting the required forms, completed with the data given
Criteria
all necessary forms are included
the forms are computer-printed and free of grammatical and spelling errors
the forms are complete and reflect the data given
the forms are the current available forms, if the state prescribes mandatory forms
the forms are in legally acceptable format
the forms are accompanied by a statement indicating which forms must be filed, and indicating the filing instructions for such forms
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Summarize documents necessary to operate a corporation in compliance with Wisconsin corporate laws
Assessment Strategies
by submitting the required forms, completed with the data given
by completing a written evaluation
Criteria
the written evaluation includes an examination of the Wisconsin laws governing the operation of a corporation
the written evaluation includes an identification of the documents necessary to operate a corporation in compliance with Wisconsin corporate laws
the written evaluation includes an analysis of the rights and duties of directors, officers, and shareholders of a corporation
the written evaluation includes an analysis of the role and importance of corporate minute books
all necessary forms are included
the forms are computer-printed and free of grammatical and spelling errors
the forms are complete and reflect the data given
the forms are the current available forms, if the state prescribes mandatory forms
the forms are in legally acceptable format
the forms are accompanied by a statement indicating which forms must be filed, and indicating the filing instructions for such forms
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Determine which legal documents are necessary to accomplish structural changes for business organizations
Assessment Strategies
by submitting the required forms, completed with the data given
by completing a written evaluation
Criteria
the written evaluation includes an examination of the effect of mergers
the written evaluation includes an examination of the effect of conversions
the written evaluation includes an analysis of the Wisconsin laws governing the conversion and merger of a limited partnership
the written evaluation includes an analysis of the Wisconsin laws governing the conversion and merger of a limited liability company
the written evaluation includes an analysis of the Wisconsin laws governing the conversion and merger of a corporation
the written evaluation includes an analysis of the rights of entity owners in the event of structural changes
the written evaluation includes an identification of the documents necessary to convert a Wisconsin entity into another form of Wisconsin entity
the written evaluation includes an identification of the documents necessary to merge a Wisconsin entity with another entity
all necessary forms are included
the forms are computer-printed and free of grammatical and spelling errors
the forms are complete and reflect the data given
the forms are the current available forms, if the state prescribes mandatory forms
the forms are in legally acceptable format
the forms are accompanied by a statement indicating which forms must be filed, and indicating the filing instructions for such forms
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Evaluate the dissolution of a limited liability company and corporation in compliance with Wisconsin statutes
Assessment Strategies
by submitting the required forms, completed with the data given
by completing a written evaluation
Criteria
all necessary forms are included
the forms are computer-printed and free of grammatical and spelling errors
the forms are complete and reflect the data given
the forms are the current available forms, if the state prescribes mandatory forms
the forms are in legally acceptable format
the forms are accompanied by a statement indicating which forms must be filed, and indicating the filing instructions for such forms
the written evaluation includes an analysis of the Wisconsin laws governing dissolution of limited liability companies and corporations
the written evaluation includes an identification of the documents necessary to dissolve a limited liability company
the written evaluation includes an identification of the documents necessary to dissolve a corporation
the written evaluation includes an explanation of the purpose of each of the documents necessary to dissolve a limited liability company and corporation
the written evaluation summarizes the legal significance of each of the documents necessary to dissolve a limited liability company and corporation
the written evaluation includes an analysis of the procedures an entity must follow to dissolve