Instructor: Dwight Drake



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  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Contact Info – Office Hours
  • Email: djdrake@u.washington.edu
  • Phones: 206.616.6385, 425.281.1493,
  • 425.222.5988, 480.272.6719
  • URL:http://faculty.washington.edu/djdrake/Corporationsindex.shtml
  • Office Hours: Room 416
  • - Tuesday 3:30 p.m to 5:00 p.m.
  • - Whenever else you can catch me!
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Course Objectives
  • Substantive knowledge of corporations, including basic business concepts and alternative entity options.
  • Enhance development of basic lawyer skills:
    • Analytical skills
    • Dig Out Skills
    • Communication Skills
    • Collaborative Skills
  • Enhance personal development of professional goals
  • The Lawyer’s Role as an Advisor to Business Owners,
  • Professionals and Entrepreneurs
  • Flash Presentation (20 Min. approx) by
  • Dwight Drake
  • www.law.washington.edu/Career/Handouts/Flash
  • Note: It takes a few minutes to load

What Course Is Not!

  • Hide the flags.
  • Hunt for the flags.
  • Memorize the flags.
  • Wave flags on exam – score!
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Some Tips…
  • Do All Assigned Readings
  • First Analyze All Case Studies Solo
  • Then Collaborate with Teammates
  • Carefully Review Team’s Final Product
  • Think About Class Dialogue
  • Consistently Write Personal Summary
  • Get ahead – Stay ahead!
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Grade Criteria
  • Case Study Team Game – 30%
  • Final (With One Exception) – 70%
    • No tricks, gimmicks or time pressure
    • Focus on case studies and class discussion
    • Short essays based on fact patterns
    • Can use any non-living thing
    • Premium on knowing scope of materials
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Case Study Team Game
  • Team Size - 5
  • Case Study Memo from each team due on scheduled discussion date (20 total)
  • One member of team must be prepared to verbally advise client
  • Team selected to present in class based on random drawing
  • Team members encouraged to collaborate on every case study
  • Author’s name must be on Case Study Memo
  • More than one Case Study Memo may be submitted by a team

Final Opt-Out Option

  • Author Seven Case Study Memos
  • Collaborate on 15 Case Studies with Team Members
  • Be Prepared If and When You are Up
  • Attend class regularly
  • Grade B

Case Study Memo Format

  • Summary statement of client challenges and/or key issues
  • Additional facts (if any) that would help analysis
  • Summary of your conclusions and related rationale
  • Analysis, including (where appropriate) rationale for rejected alternatives

Writing Basics

  • Four “C”s – Concise, Credible, Confident, Convincing
  • Keep it tight, real tight. No needless words.
  • Use strong, precise verbs.
  • Avoid overstated adjectives.
  • 100% Intellectual honesty – no finessing.
  • Average sentence length: 20 words.
  • Avoid multiple negatives.
  • No “shall”, “provisos”, “and/or” and other drafting jargon.
  • Write for the normal reader, not the intellectual.
  • End sentences emphatically.
  • Organize, then draft.
  • Edit, edit, edit.

Legal Immortal Beings (“LIBs”)

  • Corporations
  • Partnerships
  • Limited Liability Companies
  • Trusts (Many Types)
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com

US Businesses Projected Revenues 2007

  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
    • Corporations $ 21.58 Trillion (84.2%)
    • Sole Proprietorships $ 1.23 Trillion (4.8%)
    • Partnerships $ 1.35 Trillion (5.3%)
    • Limited Liab. Companies $ 1.45 Trillion (5.7%)
    • Total $ 25.61 Trillion

LAWYER ROLES

  • Litigator - Gladiator / Mudslinger
  • Transactor - Deal Maker/ Paper Pusher
  • Planner - Strategist / Trouble Maker
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com

Why Incorporation?

  • Continuity– No Death
  • Capital Formation
  • Limited Liability Protection
  • Interests Transferability
  • Centralized Management
  • Tax Planning
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com

Key Corporation Players

  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Shareholders
  • Elect
  • Directors
  • Officers
  • Elect
  • Reg. Agents
  • Appoint
  • Employees
  • Hire

Closely Held Businesses in America

  • 25 million businesses
  • 99% of all employers
  • 50% of all private sector employees
  • 70% Americans first job
  • 60% to 80% net new jobs
  • 14 times more patents per employee
  • 50% plus of all U.S. sales
  • Career answer for planning professionals
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • 1-1

Duncan and Sandy Smith Plan

  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • 15-10
  • Daughter Trust
  • Son Trust
  • Daughter Trust
  • GC Trust – 1
  • GC Trust – 2
  • GC Trust – 3
  • GC Trust – 4
  • GC Trust – 5
  • GC Trust – 6
  • Duncan and Sandy
  • Living Trust
  • Personal
  • Residence
  • Trust
  • Family
  • L.L.C.
  • (Growth)
  • Family
  • L.L.C.
  • (New)
  • Dynasty
  • Insurance
  • Trust
  • Charitable
  • Remainder
  • Trust
  • C
  • Corporation
  • Holding
  • S Corp
  • (Parent)
  • Alma
  • Mater
  • Qualified
  • Retirement
  • Plan
  • QSSS
  • Corp
  • (One)
  • QSSS
  • Corp
  • (Two)
  • Income
  • Charitable
  • Deduction
  • Assets
  • Remainder
  • Contributions
  • Distributions
  • Distributions
  • Compensation
  • Distributions
  • Home
  • Term
  • Use
  • Assets
  • Assets
  • Cash
  • Remainder
  • Income
  • Units
  • Units
  • Income,
  • support
  • Copyright 2005 Dwight Drake. All Rights Reserved.
  • Business Planning: Closely Held Enterprises
  • www. drake-business-planning.com
  • Business
  • Entity
  • Antitrust
  • Competitors
  • Consumers
  • Creditors
  • Investors
  • Rev. Authorities
  • Foreign Entities
  • Creative Sources
  • Employees
  • ConsumerProtection
  • UCC/
  • Bank’r
  • Securities
  • Corp Fin
  • Emp. Law/
  • Benefits
  • Tax
  • Int. Law
  • IP
  • Planet Earth
  • Envir. Laws

Economic Globalization

  • A process of integrating national economies through trade, investment, and capital, technology and labor flows
  • Pre-WWI Globalization: Steam engine, railroad, telegraph
  • War periods – complete retrenchment
  • Post WWII actions – IMF, World Bank, ITO, GATT, WTO

Globalization Driving Forces

  • Technology, innovation
  • Evolution of money markets
  • Failure of import-substitution countries
  • End of Berlin Wall and Soviet Union
  • Boom ’90s – Near universal buy-in
  • Proliferation of multinationals
  • Spread of democracy

Shared Fears

  • More risks, anxieties from new unknowns, more and different competitors
  • Spreading gaps between Have and Have-nots, Skilled and Unskilled
  • Need for different government – referee, trainer, safety net
  • Deadly opposing forces
  • Environment and oil
  • Preservation of free market competition

Major U.S. Globalization Challenges

  • Huge competition for skilled and unskilled
  • America’s huge oil advantage / dependence
  • America’s toughest antitrust laws
  • America’s dismal savings capacity
  • America’s neglected, brewing mega financial crisis

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