LS 311 Unit 10 Exam- Kaplan

Question 1 4 / 4 points Forming a limited liability company requires filing articles of organization in a state office. True Question 2 4 / 4 points Like the bylaws of other corporations, the bylaws of Retail Sales, Inc. were adopted at its first organizational meeting. Question 3 4 / 4 points When a majority shareholder breaches her or his fiduciary duty to a minority shareholder, the minority shareholder can sue for damages. True Question 4 4 / 4 points What type of ownership do shareholders have in a corporation? An equitable ownership Question 5 4 / 4 points Apparent authority exists if a principal causes a third party reasonably to believe that an agent has authority to act. True Question 6 4 / 4 points Most states limit the duration of a corporation’s existence to 99 years. False Question 7 4 / 4 points Shareholder approval is required when a corporation buys all of the assets of another company. False Question 8 4 / 4 points Which of the following does not involve a director’s duty of loyalty