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LEGL 2700 Roessing Test 3 Questions And Answers
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LEGL 2700 Roessing Test 3 Questions And Answers Issuer The term in securities law for an individual or business organization offering a security for sale to the public Underwriter The party that, in securities law, guarantees the issuer that the securities offered for sale will be sold Con...

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  • October 19, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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LEGL 2700 Roessing Test 3 Questions And
Answers

Issuer The term in securities law for an individual or business organization offering a

security for sale to the public




Underwriter The party that, in securities law, guarantees the issuer that the securities

offered for sale will be sold




Controlling person The person who has the control of, or is controlled by, the issuer of

securities in securities laws




Seller In commercial law, a person who sells of contracts to sell goods




Closely held An organization that is owned by only a few people




Publicly held A business organization that has hundreds, if not thousands, of owners who

can exchange their ownership interests on public exchanges




Dissolution The cancellation of an agreement, thereby rescinding its binding force.

, LEGL 2700 Roessing Test 3 Questions And
Answers

Sole proprietorship The simplest form of business organization, created and controlled by

one owner




Partnership A business organization involving two or more persons agreeing to conduct a

commercial venture while sharing its profits and losses




Articles of partnership Another name for a formally drafted partnership agreement




Assumed-name statute A state law that requires partners to make a public filing of their

identities if their partnership operates under a name that does not reveal the partners' identities




Buy and sell agreement A contract, usually among partners, but perhaps among

shareholders, wherein one party agrees to but the ownership interest held by another party or the

first party agrees to sell such an interest to the other party. These contractual provisions help

provide for a transition of owners without harming the business of the organization




Jointly and severally liable The legal principle that makes two or more people, usually

partners, liable for an entire debt as individuals or in any proportional combination

, LEGL 2700 Roessing Test 3 Questions And
Answers

Corporation An artificial, but legal, person created by state law




Domestic Corporation A business organization created by the issuance of a state charter

that operates in the state that issued the charter




Foreign Corporation A business organization, created by the issuance o a state charter, that

operates in states other than the one issuing the charter




Alien Corporation A corporation created under the authority of a foreign country




Charter The legal document issued by a state when creating a new corporation




Incorporators Those individuals who are responsible for bringing a corporation into being




Articles of incorporation The legal document that forms the application for a state charter

of incorporation

, LEGL 2700 Roessing Test 3 Questions And
Answers
Shareholders The owners of corporations




Directors Those individuals who are elected by the shareholders to decide the goals and

objectives for the corporate organization




Officers Those individuals appointed by directors of a corporation to conduct that daily

operations of the corporate organization




Proxy The legal document whereby a shareholder appoints an agent to vote the stock at a

corporation's shareholders' meeting




Derivative suit A lawsuit filed by one or more shareholders of a corporation against that

organization's management. This suit is brought to benefit the corporation directly and its

shareholders indirectly




Limited personal liability This term is used to describe the exposure of business owners to

pay the debts of their businesses when such exposure does not exceed the owner's investment in

the business

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