Corporate veil Study guides, Revision notes & Summaries

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...

Legal Aspects - Final Exam Ch (20, 21, 22) (15, 16, 17) (18, 25) (23, 24) (26,27), Updated 2024. Agent Is a person who acts on behalf of someone else for a specific purpose Example: A lawyer acting as an agent represents a client in court, making legal decisions and taking actions on the client's behalf, such as presenting arguments and negotiating settlements. Principal Is a person whom an agent represents for a specific purpose Example: When a person hires a real estate agent to s...

Mrl2601 notes. 100% TRUSTED Answers, guidelines, workings and references.Study unit 1: Legal personality and lifting of the veil Once a company is incorporated, it is a separate legal entity distinct from its members. It can enter into contracts in its own name and sue and be sued. Its members are not liable for its debts and enjoy limited liability. Separate legal personality: Salomon v Salomon & Co Ltd: • The estate of the company is assessed apart from the estates of the individual ...

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...

CHAPTER 12 LLC and Personal Liability - correct answer No member or manager is personally liable for all debts. Piercing the corporate veil - correct answer A situation in which courts put aside limited liability and hold shareholders or directors personally liable for a corporation's actions or debts. Forming a partnership - correct answer Either an oral or written agreement must be made between partners. Written is the most formal and may include terms such as finances, management, ...

Comprehensive notes on Company Law in the UK: Piercing the Corporate Veil.

Insurable Interest - Answer-An interest in the subject of an insurance policy that is not unduly remote and that would cause the interested party to suffer financial loss if an insured event occurred. Contract of Indemnity - Answer-A contract in which the insurer agrees, in the event of a covered loss, to pay an amount directly related to the amount of the loss. Joint Owners/Tenants - Answer-Two or more persons each having a full interest in the property. Each tenant has an insurable intere...

It is always wrong to lie would reflect the utilitarian theory of ethics. - False A Turing Test determines the strength of an encryption method. - False What does a turing test determine? - a machine's ability to exhibit intelligent behavior of a human Golden Rule - Treat others as you would have them treat you Rawl's veil of ignorance - ignorant of their own gender, race, age, talents, wealth, etc. Free services are paid for in internet by - paid ads, freemium, corporate sponsors, taxes,...

BMGT 1341 Midterm Exam Questions and Answers 2023 Question 1 5 / 5 pts _____ is an organizational factor that gives a company specific characteristics. Over time, stakeholders begin to see the company as like a living organism with a mind and will of its own. The legal climate Oversight The ethical climate Corporate culture Significant others Question 2 5 / 5 pts Normative business ethics takes into account the _____ realities outside the legal realm in the form of industry sta...

SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST 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 An...