LOUISIANA LAW EXAM 2026 CIVIL LAW
FOUNDATIONS STUDY GUIDE COMPLETE
QUESTIONS AND SOLUTIONS
⫸ Preemptive Rights - Rights that entitle shareholders to purchase
newly issued shares of a corporation's stock, equal in percentage to
shares already held, before the stock is offered to outside buyers.
Granted by Corporate Articles.
⫸ Partner Authority - Mandatary of the partnership and thus may bind
the partnership to contracts, but only with respect to all matters in the
ordinary course of the partnership's business. Excludes alienation, lease,
or encumbrance of immovables.
⫸ LLC Member Reimbursement - No statutory requirement. Mandate
law may require the reimbursement of such costs.
⫸ Corporate Director of Officer Reimbursement - Reimbursement is
expressly provided for in the Louisiana Business Corporation Act
(LBCA)
⫸ Withdrawal from Partnership - Term: (1) consent of other partners; or
(2) there is "just cause" for withdrawal arising from another partner's
failure to perform material obligations.
FOUNDATIONS STUDY GUIDE COMPLETE
QUESTIONS AND SOLUTIONS
⫸ Preemptive Rights - Rights that entitle shareholders to purchase
newly issued shares of a corporation's stock, equal in percentage to
shares already held, before the stock is offered to outside buyers.
Granted by Corporate Articles.
⫸ Partner Authority - Mandatary of the partnership and thus may bind
the partnership to contracts, but only with respect to all matters in the
ordinary course of the partnership's business. Excludes alienation, lease,
or encumbrance of immovables.
⫸ LLC Member Reimbursement - No statutory requirement. Mandate
law may require the reimbursement of such costs.
⫸ Corporate Director of Officer Reimbursement - Reimbursement is
expressly provided for in the Louisiana Business Corporation Act
(LBCA)
⫸ Withdrawal from Partnership - Term: (1) consent of other partners; or
(2) there is "just cause" for withdrawal arising from another partner's
failure to perform material obligations.
