Co-venturers may enter into business casually, without giving much thought to the legal implications of their business activities. When the co-venturers do get around to formalizing the legal structure of the business – typically as a limited liability company or for-profit corporation – some members of the initial association may be excluded as owners, either inadvertently or purposefully. The excluded entrepreneurs may claim they were partners in a state law partnership with rights to an equity share in the business. This session addresses this recurring scenario by analyzing illustrative cases and offering counsel to those who advise start-ups and existing businesses on choice of entity and entity formation.

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