Corporate veil Study guides, Revision notes & Summaries

Closely Held Organizations - correct answer small group of people (like family owned) Publicly Held Organization - correct answer A corporation that may have thousands of stockholders and whose stock is regularly traded on a national securities exchange. basic forms of business organizations - correct answer 1. Sole Proprietorship 2. Partnership 3. Corporation hybrid forms of business organizations - correct answer -limited partnerships -s corporations -limited liability companies ...

actual authority - Correct ️️ The authority a principal expressly or implicitly gives to an agent in an agency relationship. This authority may be written, spoken, or derived from the circumstances of the relationship. agent - Correct ️️ the person who on behalf of a principal deals with a third party alien corporation - Correct ️️ a corporation created under the authority of a foreign country alter-ego theory - Correct ️️ one method used by courts to pierce the corporate ve...

Sole Proprietorship Law correct answers No legal distinction between the business and the individual. The individual is personably reliable for all the debts associated with the business Partnership Law correct answers Two or more individuals who join in business together. They are each individually fully liable for any debts in the partnership. Profits are divided equally. Joint and Several Liability correct answers Both partners share liability as well as each being held individually lia...

Butterberry Limited is a company making yoghurts and other dairy products. It has been in existence for 12 years and has four shareholders who are also the four directors of the company. It has outgrown its existing premises and needs to move to a larger factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick and Andi sign the contract and transfer document on behalf o...

Legl 2700 test 4 roessing (ch.14, 17, 20) Questions with Answers actual authority - Correct ️️ The authority a principal expressly or implicitly gives to an agent in an agency relationship. This authority may be written, spoken, or derived from the circumstances of the relationship. agent - Correct ️️ the person who on behalf of a principal deals with a third party alien corporation - Correct ️️ a corporation created under the authority of a foreign country alter-ego theory - ...

Lifting the corporate veil - for insolvent trading - ANSWER S 588G Director duties - ANSWER S180-184 > Duty to exercise care and diligence > BJR (business judgement) - ANSWER S180 Directors duties > to act honestly - ANSWER S181

MRL 2601- ENTREPRENEURIAL LAW LEARNING UNIT 1+QUESTIONS AND+ACTIVITIES +ANSWERS COMBINED 100% PASS GUARANTEED. Learning unit 1: Legal personality and lifting of the veil • When does a company acquire legal personality? Once a company is incorporated and a certificate of incorporation is issued, • With reference to case law explain the meaning and effects of separate legal personality Salomon v Salomon & Co Ltd: • The estate of the company is assessed apart from the estates of ind...

A shareholder of a corporation can be personally liable if there's a piercing of the corporate veil - True A shareholder (not an employee) is not entitled to manage the day to day operations - True Limited liability company is a business that combines attributes of a partnership, limited partnership and corporations - True Limited liability company can only be managed by a member of the owner of the company - False Can be managed by a 3rd person In a limited liability partnership, all th...

Foundations of Business Organizations for Paralegals - Final Exam PrepDouble Taxation - correct answer Taxation of corporate income at two levels; - The corporate level: the corporation itself pays taxes on its profits - The shareholder level: shareholders pay personal taxes due on distributions of corporate income [dividends] Pass-through Taxation - correct answer Taxation of business profits and losses as the personal income of business owners. Corporation - correct answer A legal bus...

Patel and Underwood were equal shareholders in a corporation called Trackfield, Inc. ("the corporation"). Patel was seriously injured in an accident and was in a coma for two years, so Underwood assumed all responsibility for operating the corporation. Underwood was not familiar with the legal requirements of a corporation and thus he did not make any of the annual filings required by state law nor did he arrange for the corporation to file federal and state income tax returns. In addition, a ...