LEGL 2700 Roessing Final exam 2023 with 100% correct answers

Members - correct answer -The individuals or business entities that belong to a limited liability company Benefit Corporation - correct answer -a corporate form that requires directors to ensure that the corporation meets explicit social goals in addition to producing shareholder profits Managers - correct answer -A person designated and charged with day-to-day operations of a limited liability company Organizer - correct answer -The parties responsible for bringing a limited liability company into existence. These parties correspond to the functions of incorporators with respect to corporations Security - correct answer -An investment in which the investor does not participate in management Securities and exchange commission - correct answer -The federal administrative agency that regulates the securities industry Securities act of 1933 - correct answer -The federal law that regulates the initial sale of securities to the public Issuer - correct answer -The term in securities law for an individual or business organization offering a security for sale to the public Underwriter - correct answer -The party that, in securities law, guarantees the issuer that the securities offered for sale will be sold Controlling person - correct answer -The person who has the control of, or is controlled by, the issuer of securities in securities laws Seller - correct answer -In commercial law, a person who sells of contracts to sell goods Closely held - correct answer -An organization that is owned by only a few people Publicly held - correct answer -A business organization that has hundreds, if not thousands, of owners who can exchange their ownership interests on public exchanges Dissolution - correct answer -The cancellation of an agreement, thereby rescinding its binding force. Sole proprietorship - correct answer -The simplest form of business organization, created and controlled by one owner