On September 18, 2024, the Daviess County CEO Cohort had the privilege of hosting Grant Swartzentruber, Attorney at Law. Grant, who practices in Washington, Indiana, focuses on business law, real estate transactions, local government matters, and civil litigation. Since 2011, he has served as the Daviess County Attorney, bringing a wealth of knowledge and experience to the role.
During his session with the cohort, Grant emphasized the importance of understanding the human element in business and law, stating, “People are people, no matter where you are.” He used this perspective to highlight how universal certain aspects of law and business can be, regardless of the situation or location.
Grant also took time to explain the fundamental differences between criminal and civil cases, using the famous O.J. Simpson case as an example. This helped the cohort better understand the scope and nature of various legal disputes.
A significant portion of the session was dedicated to business entities, where Grant walked the group through the essential aspects of Sole Proprietorships, Partnerships, Corporations, and Limited Liability Companies (LLCs). His detailed explanation provided valuable insights into the benefits and potential challenges of each type of business structure:
1. Sole Proprietorship: The simplest form of business, owned and operated by one person. The owner has full control but is personally liable for all debts and legal obligations of the business.
2. Partnership: A business owned by two or more people who share profits, losses, and management responsibilities. Partners are personally liable for the business’s debts and obligations unless they form a limited partnership.
3. Corporation: A more complex business structure that is a separate legal entity from its owners (shareholders). Corporations provide limited liability protection, meaning owners are not personally responsible for business debts, but they face more regulations and taxation.
4. Limited Liability Company (LLC): A hybrid structure combining elements of partnerships and corporations. LLC owners (members) have limited liability protection like a corporation but enjoy more flexibility and fewer regulations than a corporation.
To make the learning experience more engaging, Grant led a hands-on project where he divided the cohort into groups and challenged them to start a business. Each group was tasked with naming their business and selecting the appropriate entity type. This exercise allowed the students to apply the information they had just learned, encouraging collaboration and critical thinking.
The Daviess County CEO Cohort extends a heartfelt thank you to Grant Swartzentruber for taking the time to share his expertise and provide a practical learning experience. His insights into business and law were both informative and inspiring, leaving a lasting impact on the group.