Business Law

Limited Liability Company (LLC): Structure, Formation, Liability, and Legal Consequences The Limited Liability Company (LLC) has become one of the most important business structures in the United States. An LLC combines features traditionally associated with partnerships and corporations. Its owners receive limited liability protection, while the entity can retain considerable Read more

Limited Liability Partnership: Structure, Liability, Management, and Legal Consequences A limited liability partnership (LLP) is a business organization that combines important characteristics of a traditional partnership with a degree of liability protection for its partners. The LLP is particularly important in professional and service-based businesses, including law firms, accounting firms, Read more

Sole Proprietorship: Formation, Ownership, Liability, and Legal Consequences A sole proprietorship is the simplest form of business organization in the United States. It is a business owned and operated by one person, without a separate legal entity being created between the owner and the business. That simplicity is both its Read more

Limited Partnership: Structure, Liability, Management, and Rights A limited partnership (LP) is a business structure that combines two different categories of ownership: general partners and limited partners. The general partners typically manage the business and bear significant personal liability for partnership obligations. Limited partners, by contrast, generally contribute capital and Read more

General Partnership: Formation, Rights, Duties, and Liability A general partnership is one of the simplest ways for two or more people to carry on a business together. It is also one of the business structures that new entrepreneurs most often misunderstand. Many people assume that a partnership exists only when Read more

Business Law vs. Commercial Law vs. Corporate Law: What Is the Difference? The terms business law, commercial law, and corporate law are often used as though they mean the same thing. They do not. The three fields overlap substantially, and a single business dispute may involve all three. But each Read more

Sources of Business Law: Where Business Law Comes From When people study business law, one of the first questions they encounter is deceptively simple: Where does business law actually come from? The answer is not a single statute, code, or government agency. Business law is derived from a combination of Read more

What Is Business Law? A Complete Guide to the Law of Business and Commerce Business is not conducted in a legal vacuum. Every time people form a company, enter a commercial agreement, hire employees, purchase goods, borrow money, issue shares, compete with another business, protect intellectual property, or close an Read more

Clearing and Settlement of Debt Securities: The Legal Infrastructure Behind Modern Financial Markets Introduction The modern financial system depends not only on the issuance and trading of securities but also on the certainty that every transaction will ultimately be completed. Investors purchasing government bonds, corporate debentures, municipal securities, or commercial Read more