Chbo - Study guides, Class notes & Summaries

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 otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that the shareholder may become personally li...

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 facto Corp. - Valid law under which corporation might have been formed - Made a bona fide attempt to incorporate under that law, and - Actual exercise of corporate powers Williams v. Dugan Ans-...

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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 Liability Partnerships Limited Liability Limited Partnerships Limited Liability Company What business obligations might a third party seek to recover? Ans- 1. Contract obligations. 2. Tort obligations. ...

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