Limited Liability Companies: Key Concepts and Legal Framework

This lecture covers the essential aspects of Limited Liability Companies (LLCs) within the context of practical business law. It begins with an overview of the last assignment, which involves drafting a contract for the use of the EPFL logo by a Delaware university. The instructor emphasizes the importance of creativity in defining the conditions for logo usage. The lecture then delves into the definition of LLCs, highlighting their separate legal personality and limited liability features. Key elements such as capital contributions, member rights, and obligations are discussed, along with the implications of additional financial contributions. The instructor explains the organizational structure of LLCs, including the powers of members' meetings and management duties. The lecture also contrasts LLCs with corporations, focusing on aspects like share transferability, audit requirements, and accounting laws. Finally, the discussion shifts to the startup process, addressing financing cycles, investor expectations, and common agreements necessary for establishing a successful startup.