Chbo - Study guides, Class notes & Summaries

CHBO FINAL COMPLETE STUDY EXAM WITH QUESTIONS AND VERIFIED ANSWERS ...

CHBO FINAL EXAM WITH ALL QUESTIONS AND VERIFIED ANSWERS...

CHBO Quizzes Exam Questions and Answers...

CHBO FINAL EXAM WITH 252 QUESTIONS AND ANSWERS...

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 expose the corporation or the defendants to a multiplicity of action, (2) materially prejudice the interests of creditors of the corporation, or (3) interfere with a fair distribution of the recov...

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). None of these answers is correct. In Burwell v. Hobby Lobby Stores, Inc., the U.S. Supreme Court held that Conestoga Wood Specialties Corporation and Hobby Lobby Stores, Inc.: Ans- Were protected ...

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 has day-to-day control and the agent's principal will not be subject to vicarious liability Control-->Independent Contractor-->No Vicarious Liability Master/Servant or Employee/Employer Ans...

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 leaves the company with Significant Continuing Business Activity (i.e. at least 25% of its Assets or Revenue). But if a Disposition does not fit this category, it must be approved at a Meeting by...

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 jointly and severally liable for these obligations Ans- Limited Liability: GP a. A limited partner is not liable for the obligations of partnerships UNLESS i. The limited partner is a general partne...

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...