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BLAW 3310 Test 3 Schwemer Study Guide with Complete Solutions
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BLAW 3310 Test 3 Schwemer Study Guide with Complete Solutions LLC and Personal Liability - Answer️️ -No member or manager is personally liable for all debts. Piercing the corporate veil - Answer️️ -A situation in which courts put aside limited liability and hold shareholders or directo...

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  • August 29, 2024
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  • 2024/2025
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©SOPHIABENNET@2024-2025 Thursday, August 22, 2024 10:21 AM

Business Law : University of Texas Arlington




BLAW 3310 Test 3 Schwemer Study
Guide with Complete Solutions

LLC and Personal Liability - Answer✔️✔️-No member or manager is
personally liable for all debts.

Piercing the corporate veil - Answer✔️✔️-A situation in which courts put
aside limited liability and hold shareholders or directors personally liable
for a corporation's actions or debts.

Forming a partnership - Answer✔️✔️-Either an oral or written agreement
must be made between partners. Written is the most formal and may
include terms such as finances, management, and terms for dissolution.

General Partnership - Answer✔️✔️-No state filing needed; is created when
two or more partners agree to form. Low startup cost.

Limited Partnership - Answer✔️✔️-Only general partners have management
capabilities; other partners have limited liability.

Limited Liability Partnership - Answer✔️✔️-LP created by professional
businesses such as dentists or attorneys.

Things that shareholders vote on - Answer✔️✔️-Matters that change the
corporation's structure or existence (such as a merger with another firm or




1

, ©SOPHIABENNET@2024-2025 Thursday, August 22, 2024 10:21 AM

Business Law : University of Texas Arlington




an amendment to the corporation's articles of incorporation). Shareholders
also vote for the board of directors.

Negative of Sole Proprietorships and Partnerships - Answer✔️✔️-Unlimited
Liability

Things partners have to agree on - Answer✔️✔️-Mergers, dissolution,
adding new partners, major business decisions

Business judgement rule - Answer✔️✔️-Makes directors and managers of
corporations immune from liability when problems result from honest
mistakes in judgement, so long as there is a reasonable basis for the
decisions.

Proxy - Answer✔️✔️-A written authorization by shareholders to cast their
votes, so that they do not have to show up in person.

CHAPTER 13 - Answer✔️✔️-

The party that is paid is the _______ - Answer✔️✔️-Payee

How many parties are on promissory notes? - Answer✔️✔️-Two: The maker
and the payee

Bill of Exchange - Answer✔️✔️-International Draft

Sight Draft - Answer✔️✔️-Draft that requires immediate payment




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