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NYLE Business Law 2025/2026 – 70+ Curated Questions and Answers – Corporations, LLCs, Partnerships, Fiduciary Duties, Dissolution & More – New York Law Exam

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This document delivers a focused, high-quality question bank for Business Law topics on the New York Law Exam (NYLE), containing 70+ rigorously structured questions and answers that align with the 2025/2026 testing standards. Each answer is based on authoritative New York statutes and case law, offering practical understanding of business entities and legal obligations under New York law. Core subjects include: – Corporations: formation, bylaws, shareholder rights, derivative actions, direct suits, and business judgment rule – Limited Liability Companies (LLCs): member vs. manager authority, fiduciary duties, and dissolution procedures – Partnerships: formation, partner liability, authority, and dissolution – Fiduciary duties: duty of loyalty, duty of care, conflicts of interest, and corporate opportunity doctrine – Business dissolution and judicial intervention under NY BCL and related laws – Piercing the corporate veil, minority shareholder protections, and remedies Legal principles are illustrated with references to statutory frameworks and landmark New York cases. The content is tailored to reflect the structure and depth of the official NYLE, helping students apply rule-based reasoning and answer format precision. Best suited for: – JD and LLM students preparing for the NYLE with a focus on business organizations – Bar exam candidates needing mastery of New York-specific corporate and LLC law – Foreign-trained attorneys fulfilling UBE + NYLE requirements – Legal educators and students preparing for exams on business entities, corporate governance, and shareholder litigation – Early-career lawyers and interns needing a refresher on NY business law doctrines Whether you’re preparing for the NYLE or a related business law exam, this document offers a clear, concise, and practical review of high-yield legal content tailored for New York law. Keywords: NYLE, New York Law Exam, business law, corporations, LLCs, partnerships, fiduciary duties, business judgment rule, derivative actions, shareholder rights, piercing the corporate veil, corporate opportunity doctrine, NY BCL, LLC dissolution, minority shareholder protection, judicial dissolution, NY corporate law, bar exam prep, legal exam questions, NYLE business entities

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NYLE - Mixed (Part 1), NYLE - Mixed
(Part 2), NYLE - Mixed (part 3) 2025
Expert Verified | Ace the Test



_"Automatic orders," with which D must be served simultaneously with the

service of the summons prevent either party from - 🧠 ANSWER

✔✔unilaterally changing the economic status quo of the relationship by

disposing of property, incurring debts, removing the other party or the

children from existing medical insurance, or changing beneficiaries on

existing insurance policies

_"Basic economic loss" per person is defined as up to - 🧠 ANSWER

✔✔$50k for all necessary medical and related expenses (provided the

need is ascertainable within 1 year from the accident), up to $2k per month

for up to 3 years from the accident for loss of earnings, and up to $25 per

,day for not more than 1 year from the the accident for all other reasonable

and necessary expenses

_"Finality" in an administrative proceedings context, means that - 🧠

ANSWER ✔✔a party must wait until ALL phases of the agency adjudication

are complete

_"First-party benefits" under statutory no-fault insurance law, are payments

to - 🧠 ANSWER ✔✔reimburse an injured person for "basic economic loss,"

less 20% of lost earnings and amounts paid under state or federal law in

disability or workers' compensation benefits

_"Impleader" or third-party practice is a procedure whereby D is permitted

to proceed against a person not a party, who is or may be liable to D for all

or part of P's claim, by - 🧠 ANSWER ✔✔bringing in that person, after the

service of his answer, so that the original claim and the related claim

against the added person may be decided in a single suit

_"Offense" in the context of double jeopardy protection, is defined - 🧠

ANSWER ✔✔narrowly, prohibiting only prosecuting the same person twice

under the same statute for the same act, the test to determine whether

,there are two offenses or only one is whether each provision requires proof

of a fact which the other does not


_"Slander per se" consists of statements - 🧠 ANSWER ✔✔(i) charging P

with a serious crime (ii) that tend to injure P in his profession (iii) that P has

a loathsome disease or (iv) imputing unchastity to a woman

_"Specific intent" to commit a crime may be inconsistent with the required

mental culpability of the crime in that D cannot be charged with - 🧠

ANSWER ✔✔an attempt to commit manslaughter, or depraved indifference

murder, or felony murder, or reckless/criminally negligent assault

_A "covered person" is a pedestrian, owner, operator or occupant injured

through - 🧠 ANSWER ✔✔the use or operation of a motor vehicle


_A "permanently neglected child" is a child who is in the care of an

authorized agency and whose parent or custodian has, although physically

and financially able to do so, notwithstanding the agency's diligent efforts to

encourage and strengthen the parental relationship (when such efforts will

not be detrimental to the best interests of the child) - 🧠 ANSWER ✔✔failed

for a period of time substantially and continuously to maintain contact with

the child or plan for the child's future



COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED

, _A beneficiary must renounce (disclaim) a disposition within - 🧠 ANSWER

✔✔9 months of a transfer, and the disclaimer is irrevocable


_A bill of particulars is used to - 🧠 ANSWER ✔✔amplify the pleadings (not

to obtain evidence) and is available between parties in an action


_A bill of particulars may be amended once - 🧠 ANSWER ✔✔without leave

of court before a note of issue is filed

_A child born of married parents, or a child born to a married woman by

means of artificial insemination with the consent of the woman and her

husband, is - 🧠 ANSWER ✔✔the legitimate child of both parents


_A child born of parents who, though not married at the time of the child's

birth, but later marry is - 🧠 ANSWER ✔✔recognized as the legitimate child

of both parents and a presumption of legitimacy of a child whose parents

marry at a later date is created


_A child, if over [ ], may consent to be adopted - 🧠 ANSWER ✔✔14 years


_A child's legitimacy is - 🧠 ANSWER ✔✔not affected by a subsequent

judgment of separation or divorce

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