Business Organizations Luppino Progress Tests 1 & 2 Questions With Correct Answers
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Course
Business Organizations Luppino Progress
Institution
Business Organizations Luppino Progress
Business Organizations Luppino Progress
Tests 1 & 2 Questions With Correct Answers
(T/F) The term "vicarious liability" means that a person is liable for damages caused by their
own wrongdoing. - answerFalse
(T/F) Under general principles of agency law, both the principal and the agent have the...
(T/F) A Missouri limited liability company (LLC) must indicate in its articles of organization
whether it is member-managed or manager-managed. - answer✔True, (See RSMO 347.039)
(T/F) A Missouri general business corporation is formed by filing its articles of incorporation
with the Missouri Secretary of State. - answer✔True
(T/F) Under the Missouri LLC Act, the default rule is that members share cumulative net profits
equally. - answer✔True, (See RSMO 347.111)
(T/F) Using the "de jure corporation" standard as a bright line test to resolve a promoter liability
claim was rejected in the Robertson v. Levy (record store) case. - answer✔False, the court in that
case applauded and applied the "de jure" standard.
(T/F) The statutory liability shield for members in a Missouri limited liability partnership is lost
if the LLP's registration is not renewed annually. - answer✔True, (See RSMO 358.440)
(T/F) Veil piercing is unique to corporations and does not apply to any other types of business
organizations studied in this course. - answer✔False, we also discussed its application to LLCs
(T/F) In Kessler v. Antinora (joint venture to build and sell a house) the appellate court held that
the service partner (Antinora) was not personally liable to pay for a share of the venture's losses
because the partners had failed to reach an agreement on how to share partnership profits. -
answer✔False, While the court did conclude that Antinora was not personally liable to pay for a
share of those losses, it was because the court interpreted the overall agreement to provide that
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