Business Organizations Law Commons^™

Omg! Esd Codified!: The Overreaction To Codification Of The Economic Substance Doctrine, Monica D. Armstrong

Florida A & M University Law Review

No abstract provided.

Utah Should Adopt A Modified Version Of The Revised Uniform Limited Liability Company Act, Russell K. Smith

Utah OnLaw: The Utah Law Review Online Supplement

The Proposed Act offers a number of advantages over the Current Act. The Current Act is an outdated one-of-a-kind statute that is a patchwork of other commercial statutes that do not mesh well. It has significant inconsistencies and is decidedly less business-friendly than the Proposed Act. It is time for the Utah legislature to enact an LLC statute that (1) represents the best thinking of some of the nation’s foremost experts on LLCs and LLC legislation, (2) is drafted while taking into account recent developments and national trends, (3) offers the benefits of uniformity and consistency with Utah’s other unincorporated …

Is The Corporate Director's Duty Of Care A 'Fiduciary' Duty? Does It Matter?, Christopher M. Bruner

Scholarly Articles

While reference to "fiduciary duties" (plural) is routinely employed in the United States as a convenient short-hand for a corporate director's duties of care and loyalty, other common-law countries generally treat loyalty as the sole "fiduciary duty." This contrast prompts some important questions about the doctrinal structure for duty of care analysis adopted in Delaware, the principal jurisdiction of incorporation for U.S. public companies. Specifically, has the evolution of Delaware's convoluted and problematic framework for evaluating disinterested board conduct been facilitated by styling care a "fiduciary" duty? If so, then how should Delaware lawmakers and judges respond moving forward?

In …

Law, The American Corporation, And Society, Fenner Leland Stewart Jr.

PhD Dissertations

This book explores how American legal scholarship treats the corporation by providing a history of American corporate legal theory, a history of corporate (social) responsibility from the perspective of the Berle–Dodd debate, an analysis of how legal scholars understand corporate lawmaking in America, and an initial inquiry into how the prevailing opinions about the corporation are realized in the context of a critical assessment of whether or not this resulting corporate governance holds the potential to compliment the efforts of new governance regulators. This book consists of four essays about American corporate governance. Three essays trace how three particular presumptions …

New Corporate Forms And Green Business, Antony Page

Faculty Publications

You want to start a business: not just an ordinary business, producing ordinary social benefit, but a dual-mission business that will both make a profit and benefit the environment. This green business, you expect, will sometimes face trade-offs between the missions, in the sense that sometimes owners' wealth and profit will have to be sacrificed to pursue environmental benefits. You're optimistic, in that you hope the business will find outside investors and will scale up easily. Moreover, you don't want to lie or even dissemble about your motives or about the business's actions. You want to be both authentic and …

Publiczne I Prywatne Egzekwowanie Zakazów Praktyk Ograniczających Konkurencję, Agata Jurkowska-Gomułka

Monografie CARS/CARS Monographs

Monografia autorstwa dr Agaty Jurkowskiej-Gomułki podejmuje problematykę korelacji prywatnego egzekwowania reguł konkurencji, rozumianego jako możliwość sądowego dochodzenia roszczeń wynikających z naruszenia prawa ochrony konkurencji, i publicznego egzekwowania reguł konkurencji, realizowanego przez organy publiczne.

Autorka podjęła próbę zaprogramowania - możliwego do aplikowania w warunkach polskiego systemu prawnej ochrony konkurencji - zrównoważonego modelu współistnienia publicznego i prywatnego egzekwowania zakazów praktyk ograniczających konkurencję. Relacje między publicznym i prywatnym egzekwowaniem reguł konkurencji określone zostały jako komplementarne, subsydiarne lub dekomplementarne. Za podstawę zrównoważonego modelu egzekwowania reguł konkurencji przyjęta została triada wartości: efektywność – spójność – równość.

Założenia teoretyczne modelu zostały częściowo przełożone na kierowane do …

Kontrola Sądowa Decyzji Prezesa Urzędu Komunikacji Elektronicznej, Mateusz Chołodecki

Monografie CARS/CARS Monographs

Przedmiotem rozważań książki autorstwa dr. Mateusza Chołodeckiego jest kompleksowe przedstawienie modelu kontroli sądowej decyzji wydawanych przez Prezesa Urzędu Komunikacji Elektronicznej (UKE). Model ten przewiduje, że kontrolę sądową decyzji wydawanych przez Prezesa UKE sprawują sądy administracyjne. Jednakże, od części decyzji tego organu (określonych enumeratywnie w art. 206 ust. 2, 2a i 2b Pr. tel.) przysługuje odwołanie do sądu powszechnego (Sądu Okręgowego w Warszawie – Sądu Ochrony Konkurencji i Konsumentów). Oba tryby kontroli sądowej różnią się od siebie zasadniczo. W związku z tym, w pracy autor analizuje podstawy prawne tego modelu w celu ustalenia, czy jest on jednorodny oraz na czym polegają …

A Complete View Of The Cathedral: Claims Of Tortious Interference And The Specific Performance Remedy In Mergers And Acquisitions Litigation, Luke Nikas, Paul B. Maslo

Michigan Business & Entrepreneurial Law Review

A bank promises to lend several billion dollars to fund a buyer’s purchase of a target company. The buyer enters into a merger agreement with the target. Thereafter, the economy plummets, and the bank decides that breaching its contract with the buyer will cost less than performing. The buyer seeks specific performance. The target also sues the bank, alleging tortious interference with the merger agreement. Billions of dollars are on the line. This is the reality lived by many investment banks that committed to fund leveraged buyouts during the recent economic downturn. Most of these matters were resolved in private …

Sustainable Business, Robert A. Katz, Antony Page

Faculty Publications

In recent years lawyers have become increasingly active in the field of for-profit social enterprise and sustainable business. This is nowhere more evident than in the design of new organizational forms such as the low-profit limited liability company (L3C), the flexible purpose corporation, and the benefit corporation. In this emerging field, sustainability is perhaps the most prized quality as well as its most versatile construct. This Essay contributes to the debate over new legal forms by analyzing the multiple meanings of sustainability in this context. The analysis demonstrates the importance of distinguishing between the social enterprise as a dual mission …

Temporal Inconsistency And The Regulation Of Corporate Misconduct, Miriam H. Baer

Faculty Scholarship

No abstract provided.

Conceptions Of Corporate Purpose In Post-Crisis Financial Firms, Christopher M. Bruner

Scholarly Articles

American "populism" has had a major impact on the development of U.S. corporate governance throughout its history. Specifically, appeals to the perceived interests of average working people have exerted enormous social and political influence over prevailing conceptions of corporate purpose - the aims toward which society expects corporate decision-making to be directed. This article assesses the impact of American populism upon prevailing conceptions of corporate purpose - contrasting its unique expression in the context of financial firms with that arising in other contexts - and then examines its impact upon corporate governance reforms enacted in the wake of the financial …

The Timeliness Of Financial Reporting: An Empirical Legal Study Of Russian Banks, Robert W. Mcgee, Yeomin Yoon, Thomas Tarangelo

UC Law Business Journal

The timeliness of financial reporting has been an important topic in the accounting literature for decades. There is a tradeoff between the timeliness of reporting and the value of the information being reported. Prior to the advent of the Internet, reporting had to be done using print media. However, now that many companies post their annual and quarterly reports on the Internet, it is possible to report in a more timely fashion than has previously been possible. The problem is that companies in some countries do not make full use of this disclosure tool. They sometimes take many months to …

Revisiting The Leveraged Buyout: Is Constructive Fraud Going Too Far?, 46 J. Marshall L. Rev. 429 (2013), Angelo Guisado

UIC Law Review

No abstract provided.

Reforming The Second Tier Of The U.S. Pension System: Tabula Rasa Or Step By Step?, 46 J. Marshall L. Rev. 631 (2013), G. A. (Sandy) Mackenzie, Jonathan Barry Forman

UIC Law Review

No abstract provided.

Space Entrepreneurs: Business Strategy, Risk, Law, And Policy In The Final Frontier, 46 J. Marshall L. Rev. 1039 (2013), Michael Laisné

UIC Law Review

Human civilization is on the brink of exploring another frontier. As usual, the super power governments of the world have played a major role in the initial stages. Now, as was the case when brave settlers came to colonize the West, and railroads and financial empires were built, society must rely on the private sector to take civilization to the final frontier. This article will give an overview of the current laws and policies relevant to space entrepreneurship (Part II). The Article explores the road to becoming a space entrepreneur including, a description of startup risks (Part III), an overview …

Corporate Opportunities And The Third Party “Refusal To Deal” Defense: Policy And Practice Lessons From Illinois, 47 J Marshall L. Rev 1 (2013), William Schaller

UIC Law Review

No abstract provided.

Putting A Price On Friendship: Examining The Ownership Battle Between A Business' Social Media Networks, And The Humans That Operate Them, 47 J. Marshall L. Rev. 745 (2013), Michael Furlong

UIC Law Review

No abstract provided.

A Decent Proposal: How Animal Welfare Organizations Have Utilized Shareholder Proposals To Achieve Greater Protection For Animals,47 J. Marshall L. Rev. 795 (2013), Summer Hallaj

UIC Law Review

No abstract provided.

Run Through The Wringer: How Cleaning Industry Franchisors Exploit Franchisees' Hope For An American Dream, 47 J. Marshall L. Rev. 827 (2013), John Dunne

UIC Law Review

No abstract provided.

Corporate Liability Under The Alien Tort Statute: Can Corporations Have Their Cake And Eat It Too?, Alison Bensimon

Loyola University Chicago International Law Review

No abstract provided.

Trends In The Social [Ir]Responsibility Of American Multinational Corporations: Increased Power, Diminished Accountability, Cynthia A. Williams, John M. Conley

Fordham Environmental Law Review

The purpose of this invited essay is to assess the future of the CSR performance of American multinationals in light of several ongoing trends. These trends include companies’ voluntary CSR programs and the global self-regulatory standards for responsible company activities that are developing in almost every industry. Moreover, the decade-long project at the United Nations to identify multinational companies’ responsibilities with respect to international human rights, ultimately spearheaded by Special Representative John Ruggie, has for the first time established global expectations of responsible corporate activity. At the same time, however, legal developments in the United States may be trending in …

The Alien Tort Statute As Transnational Law, Jaye Ellis

Maryland Journal of International Law

No abstract provided.

Throwing The Red Flag: Challenging The Nfl's Lessons For American Business, Heather M. Field

Faculty Scholarship

No abstract provided.

Incubator Cities: Tomorrow's Economy, Yesterday's Start-Ups, Abraham J.B. Cable

Michigan Business & Entrepreneurial Law Review

Venture development funds (“VDFs”) are products of state and local government law that use public funds to invest in local start-ups, in the hope that these companies will then attract venture capital investment. Existing analysis by legal scholars largely assumes that establishing a private venture capital market is essential to encouraging entrepreneurship. This article challenges that assumption. It argues that VDFs and other policies focused on encouraging venture capital are outmoded and inconsistent with the ultimate economic development goals of state and local governments. In many industries, entrepreneurs can now get by with less capital because the cost of developing …

Should Angel-Backed Start-Ups Reject Venture Capital?, Darian M. Ibrahim

Michigan Business & Entrepreneurial Law Review

The conventional wisdom is that entrepreneurs seek financing for their high-growth, high-risk start-up companies in a particular order. They begin with friends, family, and “bootstrapping” (e.g., credit card debt). Next they turn to angel investors, or accredited investors (and usually ex-entrepreneurs) who invest their own money in multiple, early-stage start-ups. Finally, after angel funds run dry, entrepreneurs seek funding from venture capitalists (VCs), whose deep pockets and connections lead the startup to an initial public offering (IPO) or sale to a larger company in the same industry (trade sale). That conventional wisdom may have been the model for start-up success …

Corporate Energy Responsibility: International And Domestic Perspectives On Supply And Demand In The New Millenium, Steven Ferrey

Fordham Environmental Law Review

No abstract provided.

Responsible Shale Gas Productions: Moral Outrage Vs. Cool Analysis, David B. Spence

Fordham Environmental Law Review

The relatively sudden boom in shale gas production in the United States using hydraulic fracturing has provoked increasingly intense political conflict. The debate over fracking and shale gas production has become polarized very quickly, in part because of the size of the economic and environmental stakes. This polarized debate fits a familiar template in American environmental law, pitting “cool analysis” against “moral outrage.” Opponents of fracking have generally framed their arguments in moral or ethical terms, while systematic research is beginning to build a more careful and nuanced understanding of the risks associated with shale gas production (though the record …

Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black

Michigan Business & Entrepreneurial Law Review

This note demonstrates why private equity will no longer be able to avoid private investor suits as it has (mostly) done in the past and explores the industry’s response to a growing number of investor suits. Notably, the industry has already begun to shift its strategy from regulatory avoidance to regulatory capture, at least in part to avoid investor suits. Given these changes, this note proposes that the best way to maintain discipline in the transforming private equity market is to protect the ability of investors to bring private suits.

Regulation Of Private Equity In Brazil: Policy Questions Presented And Critique, Shannon Guy

Michigan Business & Entrepreneurial Law Review

In this note, I explore some of the policy questions affecting Brazil’s private equity industry that the country must tackle. In Part II, Section A, I begin by asking the threshold question of whether the Brazilian government should play an active role in encouraging the growth of the private equity industry. I resolve that Brazil should play an active role in encouraging the industry’s growth to encourage several possible benefits to the real economy. Private equity may benefit the economy by providing job growth and job preservation, improved access to credit for firms that would not otherwise have funds, and …

Favoritism And Corporate Law: The Confused Corporate Opportunity Doctrine In The Hyundai Motor Case, Hwa-Jin Kim, Seung Hwan Lee, Stephen M. Woodcock

Michigan Business & Entrepreneurial Law Review

Core legal principles of U.S. corporate law are often met with perplexity in foreign jurisdictions. This is especially true for legal principles that are controversial even in the U.S. This Article takes the corporate opportunity doctrine and examines how it has been exported to the civil law regime in Korea. Korean conglomerates such as Samsung Group and Hyundai Motor Group have become major players in the global market, but corporate law and practice in Korea have had a difficult time keeping up with developments in the business sector. The Hyundai Motor Case demonstrates an ambitious, but ill-fated, attempt at the …