Limited liability companies (LLC) have only existed since the late 1980s. But in the last two decades, LLCs have become the main legal structure of choice for many businesses. In particular, most small businesses and "start-ups" are formed as LLCs now because of the unique tax and non-tax benefits.



Because of the prevalence and unique benefits of LLCs, lawyers can no longer responsibly present themselves as capable to handle business formation law unless they possess the knowledge and practice tools to form LLCs.



This two (2) credit course will expand on the theoretical knowledge of LLCs learned in basic level business law classes. Characteristics of LLCs will be extensively detailed. Particular attention will be paid to evolving case law. LLCs are creatures of state statutes; therefore various LLC acts will be studied. Finally, everyone in this class will draft the various documents (including an operating agreement) needed to form a LLC and engage in various "real life" ethical and business scenarios to obtain practical experience.