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Chapter 40, Chapter 38, Chapter 37 Final Questions &Exam (elaborations) answers 100% satisfaction guarantee
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Chapter 40, Chapter 38, Chapter 37 Final Questions &Exam (elaborations) answers 100% satisfaction guarantee

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  • August 11, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • chapter 40 chapter 38 chapter 37 final

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Chapter 40, Chapter 38, Chapter 37 Final
- ✔✔Initiating and negotiating the sale and lease of corporate assets outside the regular course of
business is a responsibility of the corporation's

a fiduciary. - ✔✔With respect to a corporation, a director is

a joint venture. - ✔✔Greenway Corporation and Happy Trails Inc. combine their efforts to build a
network of biking and hiking trails along an unused railroad spur. Their form of business organization
is

a joint venture. - ✔✔Rocket Corporation and Star Inc. wish to combine their capabilities to launch a
single flight to the moon. The appropriate legal entity for this project is most likely

a legal person. - ✔✔Grape Vineyards LLC, the members of which include Howie and Ilya, can hold
title to property because as a limited liability company the firm is

a majority vote. - ✔✔When directors vote on issues affecting the corporation, ordinary matters
generally require

a partnership. - ✔✔A limited liability company that wants to distribute profits to its members could
%

avoid "double taxation" by electing to be taxed as

a perpetual existence. - ✔✔Rural Development Company and Suburban Real Estate Corporation
form a joint stock company. This firm can be formed for, at the most,

a proper purpose. - ✔✔Erin, a shareholder of Finance Inc., demands the right to inspect corporate
records to determine whether management has engaged in self-dealing that impacts the company.
The firm refuses the request. On Erin's challenge, a court is most likely to hold that her request
constitutes

a proxy. - ✔✔Carmen and Diego are shareholders of Espresso Inc. Carmen's written authorization to
Diego to vote her shares at a shareholders' meeting is

a sole proprietorship. - ✔✔Bayside Restaurant LLC is a limited liability company. Its sole member is
Conrad. For federal income tax purposes, unless the firm indicates otherwise, it will automatically be
taxed as

, a syndicate. - ✔✔Leon, Michael, Nolan, and O'Neill join together to buy a professional basketball
franchise. Their selected form of business organization is an investment group, which is also known
as

access the corporation's books, records, facilities, and other property. - ✔✔The rights of the director
of a corporation include a right to

adopt the contract through novation. - ✔✔As the promoter of Glassworks LLC, Hans enters into a
contract with Interstate Transport Company. Once formed, Glassworks can

all of the obligations, jointly and severally. - ✔✔Olivia is a partner in Pacific Trade. In the majority of
states, with respect to any partnership obligations that Olivia does not participate in, know about, or
ratify, she would be liable for

all of the partners in proportion to their shares of the profits. - ✔✔Cal, Dex, and Erin agree to be
partners in Fajitas, a food cart outfit, splitting the profits equally. Cal contributes 65 percent of the
capital. When Fajitas is dissolved, its liabilities are greater than its assets. The losses are paid by

any extent. - ✔✔Orly's Adventure Travel and Paquito's Wild River Tours form a joint venture. Orly
can participate in the venture's management to
%

any partnership obligation. - ✔✔Nell is considering forms of business organization for Optic Center, a
medical eye clinic. An advantage of a limited liability partnership is that, depending on the applicable
state statute, partners can avoid personal liability for

articles of incorporation. - ✔✔The number of directors that serve on a corporate board is determined
by its

as a legal entity apart from its owners. - ✔✔Ensure Care LLC's owners are Fez and Guan. As a
limited liability company, Ensure Care enters into contracts

at least two members. - ✔✔In some states, to form a limited liability company, a business must have

be reimbursed, or indemnified. - ✔✔Betsy is a director of ChemCo Inc. Because of this position, she
becomes involved in litigation. With respect to the costs, fees, and damages involved, she has a right
to

board of directors. - ✔✔Kay and Leo form Metro Delivery Inc. Responsibility for all policymaking
decisions related to corporate affairs lies with Metro's

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