Exam (elaborations)
LEGL 2700 Roessing Test 3 Questions and Answers (100% Pass)
- Course
- Institution
LEGL 2700 Roessing Test 3 Questions and Answers (100% Pass)
[Show more]
Content preview
1|Page | © copyright 2024/2025 | Grade A+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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
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.
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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
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
Master01 | October, 2024/2025 | Latest update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now