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...
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
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
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
