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CHBO FINALS EXAM Questions and Answers

CHBO FINALS Questions and Answers

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CHBO Quizzes Questions and Answers

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Which of the following is a closely-held business organization? Ans- Eli Lilly and Company (a large pharma company headquartered in Indianapolis). Cummins Inc. (a large engine manufacturer headquartered in Columbus, IN). Barnes & Thornburg LLP (a large law firm headquartered in Indianapolis). ...

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CHBO - Spring '24 Questions CHBO - Spring '24 Questions and Answersand Answers

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For Indiana corporations, the occurrence of a Disposition—meaning an Asset Sale or Stock Sale—is governed by the statute IC § 23-1-41-2. By default, the Board of Directors may approve, without shareholder input, any Disposition that is within the Ordinary Course of Business, meaning it le...

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CHBO Cases Questions and Answers

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Barth v. Barth Ans- Derivative & Direct Action against Corps. Hobby Lobby Ans- CBHO are extensions of individuals Head v. Henry Tyler Construction Corp. Ans- Partners are Jointly and severally liable Longhi v. Mazzoni Ans- Piercing the corporate veil Cantor v. Sunshine Greenery, Inc Ans- De...

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CHBO FINALS Questions and Answers

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Closely Held Organization are businesses that are privately held by a "small group" of individuals. Ans- A. What is a closely held business organization? a. Contract obligations: Partners are jointly liable for all partnership debts and obligations. b. Tort obligations: Partners will be joi...

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CHBO Georgokopolis Questions and Answers

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What are closely held businesses? Ans- A small, privately held corporation with only a few shareholders, usually family members or other close associates. Shares are not generally traded in the securities market. Sole Proprietor Partnership Corporations Limited Partnership Limited Liabilit...

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CHBO Questions and Answers

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Barth v. Barth (When can a TC treat an action raising Deriv claims as a Direct action from a shareholder?) Ans- a trial court in its discretion may treat an action raising derivative claims as a direct action from an individual shareholder, if it finds that to do so will not: (1) unfairly ex...

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CHBO Questions and Answers

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Rationale of Derivative actions Ans- 1) avoid multiplicity of actions 2) protect interests of creditors 3) assure fair distribution among all interested persons 8 factors to pierce the corporate veil (Aronson v. Price) Ans- 1) undercapitalization 2) absence of corporate records 3) fraudul...

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My CHBO Questions and Answers

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Vicarious liability Ans- Legal doctrine under which a party can be held liable for the wrongful actions of another party. Vicarious liability test Ans- did the control of the day-to-day operations of the business reside with the agent or principal Independant contractor Ans- an agent who ha...

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Sullivan CHBO SP23 Questions and Answers

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Barth v. Barth Ans- Majority rule, however, majority owners have fiduciary duty to minority owners and business itself. In general, proper procedure for minority to challenge majority is a derivative action on behalf of the business. Bedrock Principle of Limited Liability Ans- Unless otherw...

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