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Welcome to Business Associations

An overview of the different types of business organizations, and the rights and liabilities associated with each. This course will also review the laws governing agency, sole proprietorships, partnerships, and corporations.


Welcome to Business Associations! Designed for 2Ls and 3Ls, our business associations course features five chapters made up of 27 video lessons and 235 practice questions. This course provides an introduction to the different types of business organizations. 

The first chapter covers agency, beginning with how an agency relationship is created, who may act as a principal or agent, an agent’s authority, and the parties’ rights and liabilities. 

The second chapter covers unincorporated business organizations, specifically sole proprietorships and partnerships. We’ll focus on partnership formation, partners’ rights and duties, liability to third parties, and how partnerships end. The chapter will close with an introduction to limited partnerships. 

The third chapter kicks off our discussion of corporations, which are legal entities separate from their owners and managers. We’ll learn about how corporations are formed, corporate organization, the powers of the board of directors and officers, how stock is issued, and shareholders’ rights and obligations. 

The fourth chapter continues our examination of corporations, beginning with major corporate changes, like mergers and acquisitions. We’ll also learn about dissolution. Last, we’ll look at specialized business forms like limited liability companies. 

The final chapter focuses on insider duties, meaning the duties imposed on directors, officers, and major stakeholders. This discussion includes the duties of care and loyalty, as well as the business judgment rule. We’ll finish up with a survey of insider trading. 

Complete all five chapters, and you’ll be ready to rock your business associations final. Let’s get to it!