Business Law for Entrepreneurs
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Business Law for Entrepreneurs

Pilot your Business with the Power of Law
4.3 (14 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
861 students enrolled
Last updated 5/2017
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  • 41 mins on-demand video
  • 1 Article
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Compare and contrast between a sole proprietorship, general partnership, limited partnership, and corporation,
  • List, in detail: cost, complexity, legal requirements, financing advantages and disadvantages, tax implications, liability, and related lifespan issues,
  • Recommend additional legal procedures to improve your current legal status, regardless of which structure you currently employ,
  • Thoughtfully consider whether to engage legal assistance for further registration or maintenance procedures to best position your company.
  • Provide thoughtful assessment of which structure might be the best for your emerging company based on your company’s future goals, and
  • Pinpoint why following the procedures for incorporation is so important, and how failure to do so can potentially result in losing corporate protection altogether.
  • Provide a detailed analysis of corporate ownership, including who owns the corporation, who directs corporate affairs, directors’ obligations and liability, and
  • Pinpoint the sole fundamental issue of shareholder accountability as it applies to corporate behavior.
  • Explain the principal - agency relationship to employees and partners, including how it impacts the company regarding third party/suppliers, general and limited partners,
  • clearly describe the importance of remaining within the scope of authority,
  • distinguish between “actual” agency authority in its three forms, versus “apparent” authority,
  • strategize how to retroactively elevate apparent authority to actual authority, and
  • pinpoint the importance of ensuring apparent authority remains consistent with actual authority.
  • Identify the three essential elements of a contract, as well as at least half-dozen defenses to a contact claim, with reference to three primary courtroom remedies to a breached contract, and which form, of the three, is most likely to be imposed in a court of law.
  • Confidently discuss, analyse, and strategize your business success with your legal and financial advisors.
View Curriculum
  • an interest in Law and an entrepreneurial mindset!

Should I incorporate my business?

Do I need a board of directors? What can they do for me?

Should I sign that contract? What if I need to back out?

What exactly is a partnership agreement? 

In this super-simple primer, you'll learn the basics of business structures, agency, and contracts, specially designed for those who are launching or running a new business.

If you're an entrepreneur who's ready to easily master the basics of business law, corporations, and contracts, this course is for you.

Leverage Your Business to Greater Success by Mastering Legal Principles.

I created this course because I hated to see so many smart, focused, entrepreneurial adult students struggle with the basics of business law in my classroom.

I have practiced, researched, and/or taught law in two countries and yes, it's complicated – but the principals of law are so incredibly powerful, so perfectly developed to turbocharge your business efforts (or sink them, if you don't know the basics) that I set out to teach this in an easy, accessible manner so anyone can master the basics, speak the language, and even enjoy the learning.

This I firmly believe:

If you're smart enough to launch or run a business, or even launch your own professional career, you're more than smart enough to master the fundamentals of business law.

So I designed this narrated video series for smart, hard-working adults who are brand new to law, and not ready to commit to a complicated course series.

Each narrated video includes a quick concept overview, storyline update, learning review, vocabulary lists, questions for thought -- all this in just 2 to 3-minutes – followed by a super-simple spot-check quiz to position you for success from the very first lesson.

    ·Who should take this course? This course is for you if you are

    ·. . . Launching or running your own business

    ·. . . Working and collaborating with legal advisers

    ·. . . Working on the Board of Directors -- or plan to be!

    ·. . . Managing a professional career

    ·. . . Need to understand the basics of business or commercial law

Click "Start Learning Now" to get started!

In Business Structures you'll learn:

What a sole proprietor is . . . and how you're probably one already without realizing it.

What a partnership is . . . and the single step to minimize the biggest risk to your partnership and your personal finances.

What a limited partnership is . . . and how you can use it to bring in extra financing, without losing control.

What it means to incorporate . . . how you might be reducing your risk, but doubling your tax exposure.

Partnerhsip agreements, shareholder agreements,

The basics of corporate accountability internationally . . . and ow 

solcial accountability

In Principal/Agency Law, you'll learn:

What the true legal relationship is between an employee, an employer . . . and the rest of the world.

How your employees represent your company . . . and how you might be liable for their decisions.

How you can sometimes “adopt" a decision that was never yours to begin with.

Why being on the Board of Directors can open you up to legal liability.

The basics of corporate accountability internationally, social accountability, and

who's really at fault, when corporations go bad. (Hint: it's uncomfortably close to home.)

In Contract law, you'll learn:

What three things are necessary to make a promise into an enforceable contract.

How you might not be liable, even if you do breach a contract.

What a court might do, what a court will almost always do, and what a court will never do, to fix a broken contract.

Five types of contracts that must be in writing – and a super-simple way to remember the list!

Just 12 hours ago one of my clients was making inquiries on Incorporation and most of my response was taken from these modules."

----- Business Law Graduate, April 2012

I can't promise you'll use your first lesson within 12 hours like this student did!

But I can promise you will master this material so much more easily and more quickly then you ever thought possible.

Please join us! I love the law, and I think you will too.

Who is the target audience?
  • This course is for you if you are . . .
  • launching or running your own business, and wanting a stronger understanding of basic business law.
  • serving on a Board of Directors, or plan to be, and want to understand your obligations and liailities.
  • Thinking about incorporating your own business and not sure what it involves.
  • Thinking about going into a business partnership, and not sure what it involves.
  • Selling any product or service that could potentially result in a lawsuit against you personally.
  • Wanting to upgrade your own personal life and professional career with a stronger understanding of the power of law on the job in and your life.
  • wanting a quick, easy review of basic legal principles.
Students Who Viewed This Course Also Viewed
Curriculum For This Course
Business Structures and Corporations Law
6 Lectures 13:49

One person, doing business for profit? You are a sole proprietor. This is the simplest business structure. All profits go to the owner and are taxed to the owner -- but -- if the business is sued or goes bankrupt, the owner's funds are fully exposed to liability.

Preview 01:35

Review the basics of Sole Proprietorship with these quick and easy quiz questions.

Quiz Questions: Lesson One, Sole Proprietorship
1 question

Lesson Two: Partnerships
1 question

A limited partnership is a type of partnership, but includes at least one limited partner who benefits from "limited" liability in case of lawsuit or bankruptcy, but also limited input into day to day business management.
Preview 02:01

Lesson Three: Partnerships - Limited
1 question

A corporation is the most complex form of ownership. A corporation is owned by shareholders (also called stockholders), who are fully protected in case of bankruptcy or legal liability. All profits are taxed to the corporation, and then again when they are distributed to shareholders, resulting in the possibility for double taxation of profits.

YOU, Incorporated

Lesson Four: Corporations
1 question

View a full, point-by-point comparison of all four traditional business structures in this super-simple bonus video. One minute to mastery!

Savannah's Notes - A Super-Simple Cheat-Sheet and Review

Quick Update: LLP, LLC and S-Corps
Law of Contracts
4 Lectures 12:57

A contract is a promise which is enforceable by law. In order to be a true contract, it requires:

  • offer by one party
  • acceptance by the other party, and
  • consideration - some sort of value. Even a promise to pay, can act as consideration.

A contact can be written, verbal, or implied by the circumstances.

Promises, Promises! the Law of Contracts

Lesson Ten: Basic Contracts
1 question

Sometimes a contract can have all the required elements and still not be enforceable. Some defenses to a contract claim include:

  • lack of mental capacity (including age),
  • duress (force or threat),
  • undue influence on a person weakened by sickness or age,
  • unconscionably -- when the decision is so unfair as to be against our sense of conscience,
  • misrepresentation/fraud, or
  • frustration of purpose, when the contract simply became impossible to fulfill, due to outside forces.
When is a Contact NOT a Contract?

Defenses to a Contract Claim
1 question

When a contract is breached (broken), a court of law will try to restore parties to where they would have been, had the contract not been breached.

The most common court-imposed remedy is monetary damages (payment), especially:

  • reimburse costs: almost always
  • reimburse profits: sometimes
  • punitive damages - almost never .

Courts may also impose an injunction, preventing someone from acting, or rarely, specific performance, which is forcing a party to provide a service as written in the contract.

Parties have a duty to mitigate (limit) the losses.

How do they Fix a Broken Contract?

Contract Remedies -- Fixing what's been broken
1 question

As we know, most contracts are valid whether they are written, oral, or implied by the circumstances.

Most jurisdictions, however, have adopted some form of the "Statute of Frauds". (A "statute" is a law that is written and recorded in the law books. The "statute of frauds" was designed to reduce contract fraud.)

Under this legislation, the following types of contracts are enforceable only if they are in writing:

  • marriage/nuptual contracts
  • contracts that must be executed over one year or more
  • contracts for real estate (land)
  • contracts related to an executor of a will
  • contracts for goods over $500 (the amount can vary)
  • contracts for guaranteeing to pay another person's loan: "suretyship"

Easy memory aid?

"My Legs".

Only as Good as the Paper It's Written On?

Statute of Frauds

Contracts that Must be in Writing
1 question
Principal - Agency Law
4 Lectures 09:55

An Agent is someone who represents a Principal to a third party. Authority to act as an agent can be "express" (written or verbal) or "implied", as with an employee, or even a family member, whose authority is implied by the nature of the position.

Agency: Ultimate Responsibility for Your Business

Lesson Six: Agency Foundations
1 question

What if there is no agency relationship, but someone else believes there is?

If a third party reasonably relies on "apparent" agency authority, then a Principal may be held responsible, even if that person had no actual authority to act as an agent.

An agent must act within the "scope" of authority, or else their agency is not valid.

A Principal can also go back and "ratify" a decision, making it valid, even if at the time the other party was not acting with actual agent authority.

Agency: Actual, Apparent, or Ratified

Agency Options
1 question

As we know, a corporation is owned by shareholders, and is subject to certain incorporation requirements, costs, taxation, and special liability status.

The Board of Directors is the primary agent of a corporation, making decisions and representing the corporation to the outside world.

The Board has a very high fiduciary duty to represent the interests of the shareholder-owners.

The Board must also meet all the corporate legal maintenance obligations, or else, in lawsuit, a court may choose to "pierce the corporate veil," eliminating liability protection for the owners.

Who's in Charge at YOU, Incorporated?

Lesson Eight: Corporation Agency
1 question

The Board of Directors' fiduciary duty includes an obligation to to exercise due diligence by carefully reviewing all options. If they don't, they can be sued by the shareholders of the corporation for not representing their interests.

As we know:

  • a corporation is owned by shareholders
  • Directors are voted by the shareholders
  • Directors have a full high-level obligation to the shareholders
  • and can be sued in a court of law by the shareholders

Therefore, if a corporation behaves in a manner that violates human rights or environmental standards, WHO might be said to be responsible for corporate behavior??

The Buck Stops Here: Board of Directors

Lesson Nine: Agency Role of the Board of Directors
1 question
2 Lectures 00:43

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About the Instructor
Christine Williams
4.2 Average rating
16 Reviews
923 Students
2 Courses
Professional Tax Filing Consultant

Christine Williams JD, MSW is a personal tax filing consultant, located in British Columbia, Canada, offering personal tax filing for Canadian taxpayers. She earned her law degree in Chicago, Illinois. She has a Masters Degree (with Honors) in Social Work, a Bachelor's in Education from Northwestern University in Evanston, Illinois, and has successfully completed the Canadian Bankers Associations' Professional Financial Planning program.