TreatiseTreatise

Soderquist on Corporate Law and Practice (4th Edition)

 by Linda O Smiddy
 
 Copyright: 2012-2016
 Last Updated: August 2016

 Product Details >> 

Product Details

  • ISBN Number: 9781402418280
  • Page Count: 516
  • Number of Volumes: 1
  •  

Soderquist on Corporate Law and Practice provides a comprehensive view of corporate law and practice, discussing fundamental concepts, practice considerations, and recent developments. It presents the ways in which specialized areas of corporate law, particularly federal securities law and the law of unincorporated entities, intersect with and relate to corporate law.

Covering all the major jurisdictions, including the Delaware General Corporation Law and the Model Business Corporation Act, as well as groundbreaking judicial rulings, Soderquist on Corporate Law and Practice discusses how to:

  • Help companies satisfy duties of care and loyalty
  • Comply with laws governing corporate activities
  • Declare and pay dividends without legal missteps
  • Avoid internal dissension and deadlock by creating balanced governance structures
  • Minimize legal damage in the face of investigations and prosecutions
This treatise also covers contract drafting, providing guidance on how to draft contracts that shield companies from liability, draft more effective business agreements by mastering accounting issues, and prevent corporate control transactions from being upset by competing bidders.
  About the Dedicatees
  Table of Contents
Chapter 1: The Corporation in Perspective
  • § 1:1 : Introduction1-1
  • § 1:2 : What a Corporation Is1-2
    • § 1:2.1 : Corporation As a Creation of the State1-2
    • § 1:2.2 : Historical and Judicial Theories of the Corporation1-3
    • § 1:2.3 : A Structural Theory of the Corporation1-4
      • [A] : Rights and Obligations of Corporations1-6
      • [B] : Corporation Defined1-9
  • § 1:3 : Development of American Business Corporation Law1-10
    • § 1:3.1 : Nineteenth-Century Developments1-10
      • [A] : From Special Acts to General Corporation Statutes1-10
      • [B] : From Restrictive to Enabling Statutes1-11
      • [C] : From Unlimited to Limited Liability1-13
    • § 1:3.2 : Twentieth- and Twenty-First-Century Developments1-14
      • [A] : Emergence of Delaware and the Trend Toward Congruence in Other States1-14
      • [B] : Perfection of the Enabling Concept1-16
      • [C] : State Regulation to Coregulation with the Federal Government1-16
    • § 1:3.3 : The Global Financial Crisis1-18
Chapter 2: Approaching Corporation Law
  • § 2:1 : Introduction2-1
  • § 2:2 : Types of American Corporations2-2
    • § 2:2.1 : Public Corporations2-2
    • § 2:2.2 : Government Corporations2-2
    • § 2:2.3 : Nonprofit Corporations2-3
    • § 2:2.4 : Business Corporations2-5
    • § 2:2.5 : Recent Developments2-11
      • [A] : Social Enterprises2-11
      • [B] : Digital Organizations2-12
      • [C] : The Future of Business Organization Codes2-13
  • § 2:3 : Distinguishing Features of Corporate Practice2-15
    • § 2:3.1 : Prospective Viewpoint2-15
    • § 2:3.2 : Skill As a Drafter2-15
    • § 2:3.3 : Special Issues in Counseling Clients2-16
    • § 2:3.4 : Involvement in Clients’ Affairs2-18
    • § 2:3.5 : Main Client Contact2-18
    • § 2:3.6 : Conservatism2-19
    • § 2:3.7 : Collegial Approach2-19
    • § 2:3.8 : Involvement of Securities Law2-20
    • § 2:3.9 : Special Ethical Problem2-20
    • § 2:3.10 : Public Service2-21
Chapter 3: Choosing the Form of Business Organization
  • § 3:1 : Introduction3-2
  • § 3:2 : General Considerations3-3
    • § 3:2.1 : What Is Required to Form and Operate the Business?3-4
    • § 3:2.2 : Who Will Manage the Business and How Will Business Decisions Be Made?3-5
    • § 3:2.3 : To What Extent Will Investors Be Personally Liable for the Company’s Obligations?3-6
    • § 3:2.4 : How Will the Business Be Financed?3-7
    • § 3:2.5 : How Do Investors Receive a Return on Their Investments?3-8
    • § 3:2.6 : What Are the Tax Consequences of Forming a Business?3-9
  • § 3:3 : Sole Proprietorship3-10
  • § 3:4 : General and Limited Liability Partnerships3-12
    • § 3:4.1 : Introduction and Special Considerations3-12
    • § 3:4.2 : Development of General and Limited Liability Partnership Law3-12
    • § 3:4.3 : Partnership Formation3-15
      • [A] : Forming a General Partnership3-15
      • [B] : Forming a Limited Liability Partnership3-17
    • § 3:4.4 : Financing the Partnership3-18
    • § 3:4.5 : Management of the Enterprise3-20
      • [A] : Voting Structure3-20
      • [B] : Fiduciary Duties of Partners to Each Other3-21
    • § 3:4.6 : Liability of Partners to Third Parties for Partnership Obligations3-23
      • [A] : General Partnerships3-23
      • [B] : Limited Liability Partnerships3-24
    • § 3:4.7 : Partnership Property3-25
    • § 3:4.8 : Partners’ Return on Investment3-26
      • [A] : Allocation of Profits and Losses3-26
      • [B] : Transfer of Partnership Interest to Third Parties or to the Partnership3-30
    • § 3:4.9 : Dissolution of the Partnership3-30
    • § 3:4.10 : Merger, Consolidation, Domestication, and Conversion3-34
  • § 3:5 : Limited Partnerships3-36
  • § 3:6 : Limited Liability Companies3-43
    • § 3:6.1 : Introduction and Special Considerations3-43
    • § 3:6.2 : Formation3-45
    • § 3:6.3 : Management of the Company3-47
      • [A] : Member-Managed Companies3-47
      • [B] : Manager-Managed Companies3-48
    • § 3:6.4 : Liability of Members and Managers3-48
      • [A] : Liability to Third Parties3-48
      • [B] : Members’ Liability to Each Other—Fiduciary Obligations3-49
    • § 3:6.5 : Financing the Business3-49
    • § 3:6.6 : Return on Investment3-50
    • § 3:6.7 : Dissociation and Dissolution3-50
    • § 3:6.8 : Merger, Consolidation, Domestication, and Conversion3-52
    • § 3:6.9 : Derivative Suits3-53
    • § 3:6.10 : Low-Profit Limited Liability Companies (L3C)3-54
  • § 3:7 : Corporations3-55
    • § 3:7.1 : Advantages of the Corporate Form3-55
      • [A] : Limited Liability of Shareholders3-55
      • [B] : Management Structure3-56
      • [C] : Capital Structure3-58
      • [D] : Separate Entity Status and Perpetual Life3-59
      • [E] : Usual Form3-59
    • § 3:7.2 : Disadvantages of the Corporate Form3-59
      • [A] : Expense and Trouble of Formation and Maintenance3-60
      • [B] : Required Initial and Continuing Formality3-61
      • [C] : Tax Treatment3-61
    • § 3:7.3 : Statutory Close and Professional Corporations3-62
    • § 3:7.4 : Benefit Corporations3-63
  • § 3:8 : The Future of Business Organization Codes3-66
Chapter 4: Preincorporation Transactions and Incorporation
  • § 4:1 : Preincorporation Transactions4-2
    • § 4:1.1 : Rights and Liabilities of Corporations on Promoters’ Contracts4-3
      • [A] : Ratification4-3
      • [B] : Adoption4-3
    • § 4:1.2 : Rights and Obligations of Promoters on Promoters’ Contracts4-4
      • [A] : Intent of the Parties4-4
      • [B] : How a Contract Is Drafted4-5
      • [C] : Promoter’s Liability After a Corporation’s Adoption4-5
    • § 4:1.3 : Ethical and Practice Issues4-6
    • § 4:1.4 : Share Subscription Agreements4-7
  • § 4:2 : Incorporation Overview4-7
  • § 4:3 : Choosing the State of Incorporation4-7
    • § 4:3.1 : The Law of the State of Incorporation and the Internal Affairs Doctrine4-8
    • § 4:3.2 : Choosing the State of Incorporation4-8
    • § 4:3.3 : Incorporating a Publicly Traded Company4-9
      • [A] : Advantages of Delaware Incorporation4-9
      • [B] : Disadvantages of Delaware Incorporation4-10
  • § 4:4 : Incorporation4-12
    • § 4:4.1 : Articles of Incorporation (Corporate Charter)4-14
    • § 4:4.2 : Mandatory Charter Provisions4-15
      • [A] : Corporate Name4-15
      • [B] : Capitalization4-19
      • [C] : Registered Office and Registered Agent4-19
      • [D] : Incorporators4-20
      • [E] : Corporate Purposes4-21
      • [F] : Regulation of the Corporation’s Internal Affairs4-24
      • [G] : Directors4-24
      • [H] : Preemptive Rights4-25
      • [I] : Duration4-26
    • § 4:4.3 : Optional Charter Provisions4-27
      • [A] : Options Generally Available in Many Jurisdictions4-27
      • [B] : No-Pay and Fee-Shifting Charter Provisions4-32
      • [C] : Forum Election Charter Provisions4-35
  • § 4:5 : Issues Related to Successful Incorporation4-35
    • § 4:5.1 : The Internal Affairs Doctrine4-35
    • § 4:5.2 : Corporate Personhood4-36
    • § 4:5.3 : Amending the Articles of Incorporation4-38
    • § 4:5.4 : Qualifying to Do Business4-40
  • § 4:6 : Domestication: Changing the Jurisdiction of Incorporation4-41
  • § 4:7 : Defective Incorporation4-43
    • § 4:7.1 : Personal Liability for Corporate Obligations4-43
    • § 4:7.2 : De Facto Corporation Doctrine and Corporations by Estoppel4-44
      • [A] : Common Law4-44
      • [B] : Statutory Developments4-46
  • § 4:8 : Correcting Defective Corporate Acts4-48
    • § 4:8.1 : Correcting Documents Filed with the Secretary of State4-48
    • § 4:8.2 : Reinstating an Expired or Void Certificate of Incorporation4-48
    • § 4:8.3 : Correcting Other Types of Defective Corporate Acts4-49
Chapter 5: Capitalization
  • § 5:1 : Introduction5-2
  • § 5:2 : Fundamentals of Risk, Duration, and Return5-3
  • § 5:3 : Traditional Forms of Debt and Equity5-4
    • § 5:3.1 : Attributes of Debt5-4
    • § 5:3.2 : Attributes of Common Stock5-7
    • § 5:3.3 : Attributes of Preferred Stock5-9
  • § 5:4 : The Relationship Between Debt and Equity5-11
    • § 5:4.1 : Preliminary Considerations5-11
  • Table 5-1 : Traditional Forms of Debt and Equity: Summary of Key Attributes5-12
    • § 5:4.2 : Leverage5-13
  • Table 5-2 : Leverage5-14
    • § 5:4.3 : The Leverage Effect of Preferred Stock5-16
    • § 5:4.4 : Thinly Capitalized Corporations5-16
  • § 5:5 : Related Forms of Corporate Finance5-18
    • § 5:5.1 : Modern Trends in Corporate Finance Terminology5-18
    • § 5:5.2 : Securities Combining Attributes of Debt and Equity5-19
      • [A] : Participating Preferred5-19
      • [B] : Blank Check Preferred Shares5-20
      • [C] : Convertible Securities5-20
    • § 5:5.3 : Warrants, Rights, and Options5-21
    • § 5:5.4 : Asset-Backed Securities5-22
  • § 5:6 : Special Issues Concerning Equity Securities5-23
    • § 5:6.1 : Par Value5-23
    • § 5:6.2 : Mechanics of Equity Capitalization5-25
    • § 5:6.3 : Duly Authorized, Validly Issued, Fully Paid, and Nonassessable5-30
    • § 5:6.4 : Watered Stock5-33
    • § 5:6.5 : Treasury Stock5-38
  • § 5:7 : Protecting the Shareholder’s Investment Interests5-38
    • § 5:7.1 : Preemptive Rights5-38
    • § 5:7.2 : Share Transfer Restrictions and Buyout Provisions5-40
      • [A] : Share Transfer Restrictions5-41
      • [B] : Buyout Agreements5-42
  • § 5:8 : Advanced Corporate Finance5-44
    • § 5:8.1 : Short-Term Resources5-44
      • [A] : Bank Loans5-44
      • [B] : Trade Credit5-44
      • [C] : Commercial Paper5-45
    • § 5:8.2 : Leases5-45
    • § 5:8.3 : Derivatives5-46
      • [A] : Interest, Currency, and Commodity Swaps5-46
      • [B] : Equity Total Return, Credit Default Swaps, and CDOs5-47
      • [C] : Regulation of Financial Derivatives5-48
  • § 5:9 : Capitalization via the Internet: Use of Social Media and Crowdfunding5-49
Chapter 6: Organizing the Corporation
  • § 6:1 : Introduction6-2
  • § 6:2 : Organization Meeting6-2
  • § 6:3 : Written Consent in Lieu of Meeting6-2
  • § 6:4 : Bylaws6-4
    • § 6:4.1 : Position in the Hierarchy of Regulation6-4
    • § 6:4.2 : Bylaw Provisions6-5
      • [A] : Overview6-5
      • [B] : Provisions Included in Either the Bylaws or the Corporate Charter6-6
      • [C] : Special Issues6-8
        • [C][1] : No-Pay and Fee-Shifting Bylaw Provisions6-9
        • [C][2] : Forum Election Bylaw Provisions6-12
          • [C][2][a] : The Judicial Response6-13
          • [C][2][b] : The Legislative Response6-16
        • [C][3] : Proxy Access Bylaw Provisions6-18
        • [C][4] : Consent-to-Sue Bylaw Provisions6-18
        • [C][5] : Special Bylaw Provisions Concerning Director Elections6-19
    • § 6:4.3 : Adoption and Amendment of Bylaws6-21
    • § 6:4.4 : Bylaw Conflicts6-22
    • § 6:4.5 : Bylaws As a Contract6-23
  • § 6:5 : Election of the Initial Directors6-23
  • § 6:6 : Election of Officers6-24
  • § 6:7 : Other Organizational Matters6-25
    • § 6:7.1 : Sale of Stock6-25
    • § 6:7.2 : Promoters’ Contracts and Expenses6-27
    • § 6:7.3 : Compensation of Directors and Officers6-27
    • § 6:7.4 : Adoption of Corporate Seal6-28
    • § 6:7.5 : Qualification to Do Business6-28
    • § 6:7.6 : Banking Relationship6-28
  • § 6:8 : Agreements Among Shareholders6-29
Chapter 7: Disregard of the Corporate Entity
  • § 7:1 : Introduction7-1
  • § 7:2 : Inadequate Capital7-4
  • § 7:3 : Failure to Follow Formalities7-5
  • § 7:4 : Importance of Equities7-7
  • § 7:5 : Multiple Corporations7-8
  • § 7:6 : CERCLA7-9
  • § 7:7 : Other Statutory Claims7-10
  • § 7:8 : Empirical Studies7-11
Chapter 8: Corporate Authority
  • § 8:1 : Introduction8-2
  • § 8:2 : Functions and Authority of Shareholders8-3
    • § 8:2.1 : Shareholders’ Powers8-3
    • § 8:2.2 : Types of Shareholders8-5
    • § 8:2.3 : The Power to Vote8-7
    • § 8:2.4 : Shareholder Meetings8-8
    • § 8:2.5 : Eligibility to Vote8-9
    • § 8:2.6 : Votes Required for Shareholder Approval of Ordinary and Extraordinary Matters8-10
    • § 8:2.7 : Voting Groups8-11
    • § 8:2.8 : Procedures for Election, Appointment, Removal of Directors8-11
      • [A] : Electing Directors8-11
        • [A][1] : Election by Plurality or Majority Vote8-11
        • [A][2] : Term of Office8-14
      • [B] : Removing Directors8-15
      • [C] : Challenges to Election, Appointment, Removal, or Resignation8-17
    • § 8:2.9 : Filling Board Vacancies8-18
    • § 8:2.10 : Options for Casting Shareholder Votes8-19
      • [A] : Voting by Proxy8-19
      • [B] : Voting Electronically8-20
      • [C] : Voting by Written Consents8-21
    • § 8:2.11 : Access to Corporate Financial Statements8-22
    • § 8:2.12 : Inspection of Corporate Books and Records by Shareholders and Directors8-23
      • [A] : Shareholder Inspection Rights8-23
      • [B] : Director Inspection Rights8-28
    • § 8:2.13 : Derivative Suits8-28
      • [A] : Derivative Actions Under State Law8-28
      • [B] : Derivative Actions Under Federal Law8-31
  • § 8:3 : Functions and Authority of Directors8-32
    • § 8:3.1 : Source and Scope of Directors’ Powers8-32
    • § 8:3.2 : Qualifications and Number of Directors8-35
    • § 8:3.3 : Exercising the Powers of the Board of Directors at Meetings and by Written Consents8-37
    • § 8:3.4 : Delegation of Board Responsibilities8-39
      • [A] : Delegation to Officers8-39
      • [B] : Delegation to Board Committees8-39
        • [B][1] : Overview8-39
        • [B][2] : Composition; Actions8-40
        • [B][3] : Audit Committee8-41
        • [B][4] : Compensation Committee8-43
        • [B][5] : Executive Committee8-43
        • [B][6] : Nominating Committee8-43
        • [B][7] : Special Litigation Committee8-44
        • [B][8] : Representing Board Committees8-44
    • § 8:3.5 : What Directors Actually Do8-45
    • § 8:3.6 : Role of Outside (Independent) Directors8-50
    • § 8:3.7 : Director Compensation8-51
  • § 8:4 : Functions and Authority of Officers8-53
    • § 8:4.1 : What Officers Are Required and How They Are Selected8-53
    • § 8:4.2 : How Officers’ Powers Are Created8-54
      • [A] : Actual Authority and Acquiescence8-54
      • [B] : Implied Authority, Incidental Authority, and Apparent Authority8-55
    • § 8:4.3 : Hierarchy of Officers8-56
    • § 8:4.4 : Principal Officers8-57
      • [A] : President8-57
      • [B] : Chair of the Board8-58
      • [C] : Vice President8-59
      • [D] : Secretary8-60
      • [E] : Treasurer8-61
    • § 8:4.5 : Executive Compensation8-62
      • [A] : Forms of Compensation8-62
      • [B] : Awarding Compensation8-63
      • [C] : Judicial Review of Executive Compensation8-64
      • [D] : Regulation of Executive Compensation8-65
Chapter 9: The Duty of Care
  • § 9:1 : Introduction9-1
  • § 9:2 : Directors’ Duty to Direct and Their Liability for Negligence9-3
    • § 9:2.1 : Case Law on Directors’ Negligence Liability9-3
    • § 9:2.2 : Charter Limitations on Money Damages for Directors9-10
    • § 9:2.3 : Statutory Standards of Care and Protections9-14
    • § 9:2.4 : Other-Constituencies Statutes9-16
    • § 9:2.5 : Internal Control9-18
  • § 9:3 : Business Judgment Rule9-22
    • § 9:3.1 : Directors and the Business Judgment Rule9-22
    • § 9:3.2 : Officers and the Business Judgment Rule9-27
  • § 9:4 : Indemnification and Insurance9-28
    • § 9:4.1 : Indemnifications9-28
      • [A] : Generally9-28
      • [B] : Special Issues9-31
        • [B][1] : Indemnification Enforcement Actions (“Fees on Fees”)9-31
        • [B][2] : Change of Control9-32
    • § 9:4.2 : Insurance9-33
  • § 9:5 : Scope of Liability9-34
Chapter 10: Duties of Fairness
  • § 10:1 : Introduction10-1
  • § 10:2 : Directors’ and Officers’ Duty of Loyalty10-1
    • § 10:2.1 : Transactions Involving Interested Directors or Officers10-2
    • § 10:2.2 : Corporate Opportunity Doctrine10-4
    • § 10:2.3 : Obligation of Good Faith10-9
  • § 10:3 : Shareholders’ Duty of Fairness10-10
    • § 10:3.1 : Controlling Shareholders10-11
    • § 10:3.2 : Mergers and the Entire-Fairness Standard of Review10-12
    • § 10:3.3 : Sale of Control10-16
    • § 10:3.4 : Operation of the Corporation10-19
Chapter 11: Dividends and Distributions
  • § 11:1 : Introduction11-1
  • § 11:2 : Mechanics of Dividends and Distributions11-2
    • § 11:2.1 : Dividends or Distributions in Cash or Other Property11-2
    • § 11:2.2 : Stock Dividends and Stock Splits11-9
  • § 11:3 : Repurchase of a Corporation’s Own Shares11-12
  • § 11:4 : Limitations on Dividends and Distributions11-14
  • § 11:5 : Judicial Review of Dividend Policy11-18
Chapter 12: Control Distribution Devices
  • § 12:1 : Introduction12-1
  • § 12:2 : Cumulative Voting and Classification of Directors12-2
  • § 12:3 : Class Voting, Voting Groups, and Weighted Voting12-6
  • § 12:4 : Charter Provisions12-9
  • § 12:5 : Bylaw Provisions12-11
  • § 12:6 : Deadlocks, Dissension, and Dissolution12-12
    • § 12:6.1 : Deadlocks12-12
    • § 12:6.2 : Dissension12-13
    • § 12:6.3 : Statutory Response to Deadlock12-15
      • [A] : Judicial Dissolution of the Corporation12-16
      • [B] : Buyout of Shareholders Petitioning for Dissolution12-16
      • [C] : Appointment of a Custodian or Provisional Director12-18
  • § 12:7 : Contractual Arrangements12-18
    • § 12:7.1 : Shareholder Agreements: Overview12-19
    • § 12:7.2 : Shareholder Voting Agreements: Voting Trusts and Pooling Agreements12-23
    • § 12:7.3 : Employment Contracts12-27
Chapter 13: Fundamental Corporate Changes: Mergers & Acquisitions; Dissolution; Conversion; and Inversion
  • § 13:1 : Overview13-2
    • § 13:1.1 : Fundamental Corporate Changes13-2
    • § 13:1.2 : Transfers of Corporate Control13-3
      • [A] : Generally13-3
      • [B] : Special Issues13-3
        • [B][1] : Impact of Increased Litigation13-3
        • [B][2] : Disclosure-Only Settlement Agreements13-4
  • § 13:2 : Statutory Transfers of Corporate Control13-6
    • § 13:2.1 : Standard-Form Statutory Mergers13-6
      • [A] : Procedures13-6
      • [B] : Voting Rights13-7
      • [C] : Appraisal Rights13-8
    • § 13:2.2 : Consolidations13-11
    • § 13:2.3 : Acquisitions of Assets13-11
      • [A] : Procedures13-12
      • [B] : Voting and Appraisal Rights13-12
      • [C] : Successor Liability13-13
      • [D] : The De Facto Merger Doctrine13-14
    • § 13:2.4 : Acquisitions Through Subsidiaries: Triangular Mergers13-17
      • [A] : Procedures13-17
      • [B] : Voting and Appraisal Rights13-18
      • [C] : Reverse Triangular Mergers13-19
    • § 13:2.5 : Share Exchanges13-21
      • [A] : Procedures13-21
      • [B] : Voting and Appraisal Rights13-22
    • § 13:2.6 : Negotiated Purchases of Stock13-22
    • § 13:2.7 : Freeze-Out Mergers13-23
      • [A] : Procedures13-23
      • [B] : Voting and Appraisal Rights13-24
    • § 13:2.8 : Deal-Protection Covenants13-24
  • § 13:3 : Non-Statutory Transfers of Control: Tender Offers13-26
    • § 13:3.1 : Procedure and Structure13-26
    • § 13:3.2 : Strategy13-27
      • [A] : Tactics and Devices of Bidders13-28
      • [B] : Tactics and Devices of Targets13-29
    • § 13:3.3 : State Regulation of Tender Offers13-32
      • [A] : Judicial Response to Tender Offer Defenses13-32
        • [A][1] : Enhanced Scrutiny13-32
        • [A][2] : Refinement of the Enhanced-Scrutiny Test13-36
      • [B] : State Anti-Takeover Statutes13-41
  • § 13:4 : Dissolution13-43
    • § 13:4.1 : Voluntary Dissolution13-43
    • § 13:4.2 : Administrative Dissolution13-45
    • § 13:4.3 : Judicial Dissolution13-45
  • § 13:5 : Conversion13-47
    • § 13:5.1 : Introduction13-47
    • § 13:5.2 : Conversion of a Domestic Business Corporation to a Domestic or Foreign Nonprofit Corporation13-47
    • § 13:5.3 : Conversion of a Foreign Nonprofit Corporation to a Domestic Business Corporation13-49
    • § 13:5.4 : Entity Conversion13-50
    • § 13:5.5 : Summary Table of Conversions Governed by Model Business Corporation Act13-51
  • § 13:6 : Inversion13-51
  • Table 13-1 : Conversions Governed by the Model Act13-52
Chapter 14: Introduction to Securities Law
  • § 14:1 : Introduction14-2
  • § 14:2 : Securities Act of 193314-2
    • § 14:2.1 : Overview14-2
    • § 14:2.2 : Determining If the Securities Act Applies to a Particular Transaction14-3
      • [A] : Definition of Security14-3
      • [B] : Offers and Sales of Securities14-4
      • [C] : Registration Exemptions14-4
    • § 14:2.3 : Offers and Sales Made via the Internet14-5
      • [A] : The In-State Exemption14-5
      • [B] : Use of Social Media14-5
      • [C] : Crowdfunding14-5
    • § 14:2.4 : Penalties14-6
    • § 14:2.5 : Anti-Fraud Provisions14-7
  • § 14:3 : Securities Exchange Act of 193414-7
    • § 14:3.1 : Registration and Periodic Reporting Requirements14-8
    • § 14:3.2 : Regulation of Proxy Solicitations14-8
    • § 14:3.3 : Regulation of Tender Offers14-9
    • § 14:3.4 : Fraud in the Purchase or Sale of Securities: Rule 10b-514-10
      • [A] : Class Certification14-11
      • [B] : Materiality14-13
      • [C] : Insiders14-14
      • [D] : “Maker” of a Statement14-16
      • [E] : Extraterritorial Application14-17
      • [F] : Statute of Limitations14-18
      • [G] : Other Uses of Rule 10b-514-18
    • § 14:3.5 : Comparison of Securities Act Section 17 and Exchange Act Section 10(b) and Rule 10b-5 Antifraud Provisions14-19
  • Table 14-1 : Comparison of Antifraud Provisions14-20
    • § 14:3.6 : Liability for Short-Swing Profits: Section 16(b)14-20
  • § 14:4 : The Sarbanes-Oxley Act of 200214-22
    • § 14:4.1 : Audit Committees and Auditors14-22
    • § 14:4.2 : Internal Corporate Governance Procedures14-23
    • § 14:4.3 : Officers and Directors14-24
    • § 14:4.4 : Sarbanes-Oxley Whistleblower Provisions14-25
  • § 14:5 : The Dodd-Frank Act of 201014-27
    • § 14:5.1 : Executive Compensation14-28
    • § 14:5.2 : Shareholder Access to Proxy Materials for the Election of Directors14-29
    • § 14:5.3 : Regulation of Derivatives14-29
    • § 14:5.4 : Whistleblower Provisions14-30
    • § 14:5.5 : Comparison of Sarbanes-Oxley and Dodd-Frank Whistleblower Provisions14-35
    • § 14:5.6 : Expansion of Penalties for Securities Law Violations14-35
  • Table 14-2 : Table 14-2 Comparison of Whistleblower Provisions14-36
Chapter 15: Introduction to Accounting
  • § 15:1 : Introduction15-2
  • § 15:2 : Reading Financial Statements15-2
    • § 15:2.1 : Balance Sheet15-3
      • [A] : Assets15-6
        • [A][1] : Current Assets15-6
          • [A][1][a] : Cash15-6
          • [A][1][b] : Accounts Receivable15-6
          • [A][1][c] : Inventory15-7
            • [A][1][c][i] : First-In, First-Out (FIFO)15-7
            • [A][1][c][ii] : Last-In, First-Out (LIFO)15-8
        • [A][2] : Fixed Assets15-8
          • [A][2][a] : Straight-Line Method15-8
          • [A][2][b] : Double Declining Balance Method15-9
      • [B] : Liabilities15-9
      • [C] : Equity15-9
      • [D] : Historical Cost or Fair Value15-10
    • § 15:2.2 : Income Statement15-11
      • [A] : Net Sales15-12
      • [B] : Cost of Goods Sold15-12
      • [C] : Depreciation15-13
      • [D] : Selling and Administrative Expenses15-13
      • [E] : Interest on Long-Term Notes15-13
      • [F] : Income Taxes15-13
      • [G] : Net Income per Share15-14
    • § 15:2.3 : Accumulated Retained Earnings Statement15-14
    • § 15:2.4 : Statement of Cash Flows15-14
  • § 15:3 : Valuation of Businesses15-14
    • § 15:3.1 : Book Value15-15
    • § 15:3.2 : Liquidation Value15-15
    • § 15:3.3 : Company Cash Flow or Earnings15-15
  • § 15:4 : Auditing15-16
  • § 15:5 : Accounting and the Practice of Corporate Law15-17
    • § 15:5.1 : Generally Accepted Accounting Principles (GAAP)15-17
      • [A] : Generally15-17
      • [B] : Increased Scrutiny of Accounting Issues15-18
    • § 15:5.2 : Profits and Losses: Partnership Agreements15-19
    • § 15:5.3 : Assets and Liabilities: Shareholder Distributions and Loan Agreements15-20
    • § 15:5.4 : Business Scale: Asset Purchase Agreements15-21
  • § 15:6 : Sensitive Accounting Areas15-23
    • § 15:6.1 : Revenue Recognition15-24
    • § 15:6.2 : Reserves15-24
    • § 15:6.3 : Big Baths15-24
    • § 15:6.4 : Materiality15-25
    • § 15:6.5 : Off-Balance-Sheet Items15-25
  • § 15:7 : Sarbanes-Oxley Act15-26
  Table of Authorities
  Index

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