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Agenda: Innovations In Managing Western Water: New Approaches For Balancing Environmental, Social, And Economic Outcomes, University of Colorado Boulder. Getches Wilkinson Center for Natural Resources, Energy, and the Environment 2015 University of Colorado Law School

Agenda: Innovations In Managing Western Water: New Approaches For Balancing Environmental, Social, And Economic Outcomes, University Of Colorado Boulder. Getches Wilkinson Center For Natural Resources, Energy, And The Environment

Innovations in Managing Western Water: New Approaches for Balancing Environmental, Social and Economic Outcomes (Martz Summer Conference, June 11-12)

Many aspects of western water allocation and management are the product of independent and uncoordinated actions, several occurring a century or more ago. However, in this modern era of water scarcity, it is increasingly acknowledged that more coordinated and deliberate decision-making is necessary for effectively balancing environmental, social, and economic objectives. In recent years, a variety of forums, processes, and tools have emerged to better manage the connections between regions, sectors, and publics linked by shared water systems. In this event, we explore the cutting edge efforts, the latest points of contention, and the opportunities for further progress.


Partnerships Between Aboriginal Organizations And Academics, Clément Chartier 2015 Métis National Council

Partnerships Between Aboriginal Organizations And Academics, Clément Chartier

The International Indigenous Policy Journal

The article addresses the importance of the partnership between university professors and the Métis community. The Métis are a distinct nation and people that emerged in the northwest of what is now Canada and a bit into the United States through a process of ethnogenesis. The Métis Nation expressed its nationhood and defended its territory militarily in 1870 and again in 1885. Subsequently, Canada dealt with the Métis as individuals by implementing a scrip system, which displaced the Métis from their lands. In the 1980s and 1990s, the Métis Nation, along with other Aboriginal peoples, engaged in a constitutional process ...


In Agents We Trust-A Proposal For Material Participation Of Trusts, Alan Wilson, Ryan Pulver 2015 Jackson Kelly, PLLC

In Agents We Trust-A Proposal For Material Participation Of Trusts, Alan Wilson, Ryan Pulver

Wyoming Law Review

In the business succession planning context, estate planners frequently employ the use of trusts to pass ownership of a business from one generation to another. Often, the beneficiaries of such a trust include the children of the grantor. The trust mechanism provides trustee oversight and a controlled process for transition. In many cases, the child/trust beneficiary works in the business and perhaps earns his or her sole income from participation in the business with the promise of direct ownership in the future. This transition requires thorough planning to properly pass ownership in the most tax-efficient manner.

In 2010, Congress ...


Through The Looking Glass: Series Llcs In 2015, Allen Sparkman 2015 None

Through The Looking Glass: Series Llcs In 2015, Allen Sparkman

Allen Sparkman

This Article examines the development of Series LLCs, reviews the existing series LLC legislation, discusses possible uses of Series LLCS, analyzes areas of uncertainty with respect to Series LLCs, and makes recommendation for the future development of the Series LLC concept.


The Associational Hoax: Corporate Personhood & Shareholder Rights After Hobby Lobby And Citizens United, Jaimie K. McFarlin 2015 Harvard University

The Associational Hoax: Corporate Personhood & Shareholder Rights After Hobby Lobby And Citizens United, Jaimie K. Mcfarlin

Jaimie K. McFarlin

No abstract provided.


Broad Shareholder Value And The Inevitable Role Of Conscience, Paul D. Weitzel, Zachariah J. Rodgers 2015 Davis Polk & Wardwell, LLP

Broad Shareholder Value And The Inevitable Role Of Conscience, Paul D. Weitzel, Zachariah J. Rodgers

Paul D. Weitzel

This article proposes an integrative solution to the modern debate on corporate purpose, the question of whether directors and officers must solely maximize profits or whether they may consider the effects on employees, the environment or the community. Many find pure profit maximization unseemly and suggest alternative theories, typically arguing that corporations owe a duty to a broader range of stakeholders. This position is inconsistent with the case law and unnecessary to allow conscience in the board room. We resolve the issue more simply by acknowledging that the purpose of a corporation is to promote the shareholders’ interests, which includes ...


A Case For Canadian Pay Equity Reform, Sydney Kruth 2015 Western University

A Case For Canadian Pay Equity Reform, Sydney Kruth

Western Journal of Legal Studies

Pay equity must be separated from collective bargaining. An examination of the history of fair pay in unionized workplaces—and the current legal remedies available for pay discrimination—prove that the current strategies to remedy the significant gender pay gap are unsuccessful. Two significant issues hinder pay equity. Pay equity is still subject to collective bargaining in unionized workplaces. The Public Sector Equitable Compensation Act (PSECA) has undermined pay equity. The PSECA embodies the dangers of subjecting pay equity issues to collective bargaining. Canada is taking a regressive approach that disregards the importance of pay equity, despite the known benefits ...


Enduring Design For Business Entities, William E. Foster 2015 University of Arkansas

Enduring Design For Business Entities, William E. Foster

William E Foster

The success or failure of an institution may hinge on some of the earliest decisions of its founders. In constitutional design literature, endurance is a widely accepted drafting objective. Indeed, constitutional endurance is positively associated with prosperous and stable societies. Like drafters of constitutions, business organizers have almost innumerable objectives for their enterprises, and attorneys drafting organizational documents must take into account these myriad goals. Oftentimes the drafting process fails to fully address some of the most important of these aims and results in suboptimal structures that lack predictability and reliability.

This article looks specifically at small business organizations and ...


Balance And Team Production, Kelli A. Alces 2015 Seattle University School of Law

Balance And Team Production, Kelli A. Alces

Seattle University Law Review

For decades, those holding the shareholder primacy view that the purpose of a corporation is to earn a profit for its shareholders have been debating with those who believe that corporations exist to serve broader societal interests. Adolph Berle and Merrick Dodd began the conversation over eighty years ago, and it continues today, with voices at various places along a spectrum of possible corporate purposes participating. Unfortunately, over time, the various sides of the debate have begun to talk past each other rather than engage with each other and have lost sight of whatever common ground they may be able ...


Lobbying, Pandering, And Information In The Firm, Adam B. Badawi 2015 Seattle University School of Law

Lobbying, Pandering, And Information In The Firm, Adam B. Badawi

Seattle University Law Review

In their classic and insightful article on team production in corporate law, Margaret Blair and Lynn Stout identify the minimization of rent-seeking as one of the chief benefits of vesting ultimate authority over a firm with the board of directors. In their analysis, this problematic rent-seeking arises when parties need to divide the gains from production after the fact. The squabbling that is likely to ensue may threaten to eat away most, or all, of the gains that come from productive activity. If parties know that this sort of rent-seeking will occur, they may not engage in productive activity in ...


Boards Of Directors As Mediating Hierarchs, Margaret M. Blair 2015 Seattle University School of Law

Boards Of Directors As Mediating Hierarchs, Margaret M. Blair

Seattle University Law Review

In June of 2014, the board of directors of Demoulas Supermarkets, Inc.—better known as Market Basket, a mid-sized chain of grocery stores in New England—decided to oust the man who had been CEO for the previous six years, Arthur T. Demoulas. Most likely, the board of directors did not anticipate what happened next: Thousands of employees, customers, and fans of Market Basket boycotted the stores and staged noisy public protests asking the board to reinstate “Arthur T.” The reaction by employees and customers made what had been a simmering, nasty, intrafamily feud within the closely held Market Basket ...


Choosing The Partnership: English Business Organization Law During The Industrial Revolution, Ryan Bubb 2015 Seattle University School of Law

Choosing The Partnership: English Business Organization Law During The Industrial Revolution, Ryan Bubb

Seattle University Law Review

For most of the period associated with the Industrial Revolution in Britain, English law restricted access to incorporation and the Bubble Act explicitly outlawed the formation of unincorporated joint stock companies with transferable shares. Furthermore, firms in the manufacturing industries most closely associated with the Industrial Revolution were overwhelmingly partnerships. These two facts have led some scholars to posit that the antiquated business organization law was a constraint on the structural transformation and growth that characterized the British economy during the period. Importantly, however, the vast majority of manufacturing firms in the modern sector were partnerships. An easy explanation for ...


The Boundaries Of "Team" Production Of Corporate Governance, Anthony J. Casey, M. Todd Henderson 2015 Seattle University School of Law

The Boundaries Of "Team" Production Of Corporate Governance, Anthony J. Casey, M. Todd Henderson

Seattle University Law Review

We examine the cooperative production of corporate governance. We explain that this production does not occur exclusively within a “team” or “firm.” Rather, several aspects of corporate governance are quintessentially market products. Like Blair and Stout, we view the shareholder as but one of many stakeholders in a corporation. Where we depart from their analysis is in our view of the boundaries of a firm. We suggest that they overweight the intrafirm production of control. Focusing on the primacy of a board of directors, Blair and Stout posit a hierarchical team that governs the economic enterprise. We observe, however, that ...


The Team Production Model As A Paradigm, Brian R. Cheffins 2015 Seattle University School of Law

The Team Production Model As A Paradigm, Brian R. Cheffins

Seattle University Law Review

Margaret Blair and Lynn Stout suggested a few years after the publication of their 1999 Virginia Law Review article, A Team Production Theory of Corporate Law, that their team production model was poised to emerge as part of a new corporate law “paradigm.” In so doing, they specifically invoked Thomas Kuhn’s well-known analysis of scientific revolutions. This Article revisits Blair and Stout’s team production theory by offering a critique of their claim that their model is destined to become a new corporate law paradigm in the Kuhnian sense. In so doing the Article draws upon key corporate law ...


The Long Road To Reformulating The Understanding Of Directors' Duties: Legalizing Team Production Theory?, Thomas Clarke 2015 Seattle University School of Law

The Long Road To Reformulating The Understanding Of Directors' Duties: Legalizing Team Production Theory?, Thomas Clarke

Seattle University Law Review

In this Article, the historical evolution of corporate governance is considered, highlighting the different eras of governance, the dominant theoretical and practical paradigms, and the reformulation of paradigms and counter paradigms. Two alternative and sharply contrasting theorizations, one collective and collaborative (the work of Berle and Means), the other individualistic and contractual (agency theory and shareholder value) are focused upon. The explanatory potential of Blair and Stout’s team production theory is elaborated, along with its conception of the complexity of business enterprise, with a mediating hierarch (the board of directors) securing a balance between the interests of different stakeholders ...


Testing The Normative Desirability Of The Mediating Hierarch, Zachary J. Gubler 2015 Seattle University School of Law

Testing The Normative Desirability Of The Mediating Hierarch, Zachary J. Gubler

Seattle University Law Review

In their influential article, A Team Production Theory of Corporate Law, Professors Margaret Blair and Lynn Stout explained how corporate law might be viewed as an attempt at solving what is known as the team production problem. At its core, this problem has to do with the opportunistic behavior that arises when multiple economic actors make investments—whether of labor, capital, or otherwise—in a business venture where these investments are said to be “firm specific” because they cannot be easily withdrawn and redeployed in other projects. The problem is how to construct a governance regime that will create incentives ...


Team Production & The Multinational Enterprise, Virginia Harper Ho 2015 Seattle University School of Law

Team Production & The Multinational Enterprise, Virginia Harper Ho

Seattle University Law Review

Margaret Blair and Lynn Stout’s path-breaking article, A Team Production Theory of Corporate Law, advances a dual thesis: first, that team production theory does a better job than its competitors (in particular, principal–agent theory) of explaining the advantages of the public corporation and key features of corporate law; and second, that, as a matter of corporate law, corporate boards are charged with advancing the collective interest of all the contributors to the corporate enterprise rather than the shareholders’ interests alone. Its central insight is that the role of the independent, or insulated, corporate board is to serve as ...


The History Of Team Production Theory, Ron Harris 2015 Seattle University School of Law

The History Of Team Production Theory, Ron Harris

Seattle University Law Review

In this short Essay, the author consider the team production theory developed by Margaret Blair and Lynn Stout1 from a historical perspective, in three senses. First, does the theory fit the historical use of the corporate form? Second, can it explain the development of corporation law doctrines? And third, can we place the development of the theory as such into the intellectual history of corporation theories at large? The author will state my bottom line up front: while the Article finds the team production theory insightful and useful for my historical research, for teaching corporation law, and for thinking about ...


The Agency Cost Paradigm: The Good, The Bad, And The Ugly, Claire A. Hill, Brett H. McDonnell 2015 Seattle University School of Law

The Agency Cost Paradigm: The Good, The Bad, And The Ugly, Claire A. Hill, Brett H. Mcdonnell

Seattle University Law Review

In the “managerialist” world that preceded our present shareholder value world, some corporate managers could, and did, help themselves when they should have been doing their jobs. The modern agency cost paradigm has focused attention on this problem, in part by conceptualizing the duty of corporate managers as maximizing shareholder value. This paradigm has had a variety of effects: some good, some bad, and some ugly. The agency cost paradigm has had a good effect by focusing on the problem of managerial enrichment and providing a simple, clear benchmark—shareholder value-- that may quickly indicate when managers are performing badly ...


A Theory Of The Just Corporation, Ronit Donyets-Kedar 2015 Seattle University School of Law

A Theory Of The Just Corporation, Ronit Donyets-Kedar

Seattle University Law Review

In their seminal article A Team Production Theory of Corporate Law, Margaret Blair and Lynn Stout hold that the modern corporation is best understood in terms of team production. Challenging the principal–agent model, Blair and Stout offer an analysis that considers the various stakeholders of the corporation as members of a team. Accordingly, they suggest, the purpose of corporate law is to provide a response to the problems created by collective production processes, in particular those pertaining to the distribution of profits stemming from the cooperation. According to Blair and Stout, the solution to this problem is to be ...


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