LEGL 2700 Roessing Final 2025/2026
Exam Questions and Verified Answers |
Already Graded A+
Members - 🧠ANSWER ✔✔The individuals or business entities that belong
to a limited liability company
Benefit Corporation - 🧠ANSWER ✔✔a corporate form that requires
directors to ensure that the corporation meets explicit social goals in
addition to producing shareholder profits
Managers - 🧠ANSWER ✔✔A person designated and charged with day-to-
day operations of a limited liability company
Organizer - 🧠ANSWER ✔✔The parties responsible for bringing a limited
liability company into existence. These parties correspond to the functions
of incorporators with respect to corporations
,Security - 🧠ANSWER ✔✔An investment in which the investor does not
participate in management
Securities and exchange commission - 🧠ANSWER ✔✔The federal
administrative agency that regulates the securities industry
Securities act of 1933 - 🧠ANSWER ✔✔The federal law that regulates the
initial sale of securities to the public
Issuer - 🧠ANSWER ✔✔The term in securities law for an individual or
business organization offering a security for sale to the public
Underwriter - 🧠ANSWER ✔✔The party that, in securities law, guarantees
the issuer that the securities offered for sale will be sold
Controlling person - 🧠ANSWER ✔✔The person who has the control of, or is
controlled by, the issuer of securities in securities laws
Seller - 🧠ANSWER ✔✔In commercial law, a person who sells of contracts
to sell goods
Closely held - 🧠ANSWER ✔✔An organization that is owned by only a few
people
,Publicly held - 🧠ANSWER ✔✔A business organization that has hundreds, if
not thousands, of owners who can exchange their ownership interests on
public exchanges
Dissolution - 🧠ANSWER ✔✔The cancellation of an agreement, thereby
rescinding its binding force.
Sole proprietorship - 🧠ANSWER ✔✔The simplest form of business
organization, created and controlled by one owner
Partnership - 🧠ANSWER ✔✔A business organization involving two or more
persons agreeing to conduct a commercial venture while sharing its profits
and losses
Articles of partnership - 🧠ANSWER ✔✔Another name for a formally drafted
partnership agreement
Assumed-name statute - 🧠ANSWER ✔✔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 - 🧠ANSWER ✔✔A contract, usually among
partners, but perhaps among shareholders, wherein one party agrees to
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, 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 - 🧠ANSWER ✔✔The legal principle that makes
two or more people, usually partners, liable for an entire debt as individuals
or in any proportional combination
Corporation - 🧠ANSWER ✔✔An artificial, but legal, person created by state
law
Domestic Corporation - 🧠ANSWER ✔✔A business organization created by
the issuance of a state charter that operates in the state that issued the
charter
Foreign Corporation - 🧠ANSWER ✔✔A business organization, created by
the issuance o a state charter, that operates in states other than the one
issuing the charter
Alien Corporation - 🧠ANSWER ✔✔A corporation created under the
authority of a foreign country
Exam Questions and Verified Answers |
Already Graded A+
Members - 🧠ANSWER ✔✔The individuals or business entities that belong
to a limited liability company
Benefit Corporation - 🧠ANSWER ✔✔a corporate form that requires
directors to ensure that the corporation meets explicit social goals in
addition to producing shareholder profits
Managers - 🧠ANSWER ✔✔A person designated and charged with day-to-
day operations of a limited liability company
Organizer - 🧠ANSWER ✔✔The parties responsible for bringing a limited
liability company into existence. These parties correspond to the functions
of incorporators with respect to corporations
,Security - 🧠ANSWER ✔✔An investment in which the investor does not
participate in management
Securities and exchange commission - 🧠ANSWER ✔✔The federal
administrative agency that regulates the securities industry
Securities act of 1933 - 🧠ANSWER ✔✔The federal law that regulates the
initial sale of securities to the public
Issuer - 🧠ANSWER ✔✔The term in securities law for an individual or
business organization offering a security for sale to the public
Underwriter - 🧠ANSWER ✔✔The party that, in securities law, guarantees
the issuer that the securities offered for sale will be sold
Controlling person - 🧠ANSWER ✔✔The person who has the control of, or is
controlled by, the issuer of securities in securities laws
Seller - 🧠ANSWER ✔✔In commercial law, a person who sells of contracts
to sell goods
Closely held - 🧠ANSWER ✔✔An organization that is owned by only a few
people
,Publicly held - 🧠ANSWER ✔✔A business organization that has hundreds, if
not thousands, of owners who can exchange their ownership interests on
public exchanges
Dissolution - 🧠ANSWER ✔✔The cancellation of an agreement, thereby
rescinding its binding force.
Sole proprietorship - 🧠ANSWER ✔✔The simplest form of business
organization, created and controlled by one owner
Partnership - 🧠ANSWER ✔✔A business organization involving two or more
persons agreeing to conduct a commercial venture while sharing its profits
and losses
Articles of partnership - 🧠ANSWER ✔✔Another name for a formally drafted
partnership agreement
Assumed-name statute - 🧠ANSWER ✔✔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 - 🧠ANSWER ✔✔A contract, usually among
partners, but perhaps among shareholders, wherein one party agrees to
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, 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 - 🧠ANSWER ✔✔The legal principle that makes
two or more people, usually partners, liable for an entire debt as individuals
or in any proportional combination
Corporation - 🧠ANSWER ✔✔An artificial, but legal, person created by state
law
Domestic Corporation - 🧠ANSWER ✔✔A business organization created by
the issuance of a state charter that operates in the state that issued the
charter
Foreign Corporation - 🧠ANSWER ✔✔A business organization, created by
the issuance o a state charter, that operates in states other than the one
issuing the charter
Alien Corporation - 🧠ANSWER ✔✔A corporation created under the
authority of a foreign country
