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LEGL 2700 Roessing Test 3 Questions and Answers 100% Pass
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LEGL 2700 Roessing Test 3 Questions and Answers 100% Pass Members - The individuals or business entities that belong to a limited liability company Benefit Corporation - a corporate form that requires directors to ensure that the corporation meets explicit social goals in addition to producing ...

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  • 30 de noviembre de 2024
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  • legl 2700 roessing test 3 questions and answers 10

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LEGL 2700 Roessing Test 3 Questions and
Answers 100% Pass


Members - ✔✔The individuals or business entities that belong to a limited liability company


Benefit Corporation - ✔✔a corporate form that requires directors to ensure that the corporation meets

explicit social goals in addition to producing shareholder profits


Managers - ✔✔A person designated and charged with day-to-day operations of a limited liability

company


Organizer - ✔✔The parties responsible for bringing a limited liability company into existence. These

parties correspond to the functions of incorporators with respect to corporations


Security - ✔✔An investment in which the investor does not participate in management


Securities and exchange commission - ✔✔The federal administrative agency that regulates the securities

industry


Securities act of 1933 - ✔✔The federal law that regulates the initial sale of securities to the public


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

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©EmilyCharlene 2024. All Rights Reserved.

,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.


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


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

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©EmilyCharlene 2024. All Rights Reserved.

, 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


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


Piercing the corporate veil - ✔✔The legal doctrine used by courts to disregard the existence of a

corporation, thereby holding the shareholders personally liable for the organization's debts


Alter-ego theory - ✔✔One method used by courts to pierce the corporate veil when a shareholder fails to

treat the corporate organization as a separate legal entity



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©EmilyCharlene 2024. All Rights Reserved.

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