BLAW 210 EXAM 2 GRIFFEATH WSU
officers - ANSWERS-The officers manage the day-to-day business of the
corporation
close corporation - ANSWERS-A small corporation that has met specified
requirements and has selected to be a close corporation under state law. As such,
the corporation may dispense with many corporate formalities and operate WO a
BoD, bylaws, and keeping minutes of meetings
Limited Liability Company (LLC) - ANSWERS-a more recent invention in the US.
they were designed to combine the benefits of general partnerships and
corporations including the ability of the owners to manage the business. limited
liability for owners, and by permitting the owners to be treated like individuals for
tax purposes, thus avoiding double taxation problem of corporations
liability - ANSWERS-at one end of the spectrum are sole proprietorships and
general partners who have unlimited liability, meaning their personal assets are
subject to the debts of the business. a limited partner in a limited partnership,
members of an LLC, and shareholders of a corporation risk only their initial
investment
Piercing the Corporate Veil - ANSWERS-The action of a court to disregard the
corporate entity and hold the shareholders personally liable for corporate debts
and obligations.
, joint venture - ANSWERS-a partnership for a limited time and purpose
cooperative - ANSWERS-usually incorporated to provide an economic service to
its members such as for purchasing in bulk, many times nonprofit corporations
syndicate - ANSWERS-a group of investors who pool their money to finance a
specific project, usually real estate projects like a shopping center
corporation codes - ANSWERS-State statutes that regulate the formation,
operation, and dissolution of corporations
Revised Model Business Corporation Act (RMBCA) - ANSWERS-A 1984 revision of
the MBCA that arranges the provisions of the act more logically, revises the
language to be more consistent, and makes substantial changes in the provisions
corporation - ANSWERS-a fictitious legal entity that is created according to
statutory requirements
limited liability of shareholders - ANSWERS-A general rule of corporate law that
provides that generally shareholders are liable only to the extent of their capital
contributions for the debts and obligations of their corporation and are not
personally liable for the debts and obligations of the corporation
publicly held corporation - ANSWERS-A corporation that may have thousands of
stockholders and whose stock is traded on a national securities market.
officers - ANSWERS-The officers manage the day-to-day business of the
corporation
close corporation - ANSWERS-A small corporation that has met specified
requirements and has selected to be a close corporation under state law. As such,
the corporation may dispense with many corporate formalities and operate WO a
BoD, bylaws, and keeping minutes of meetings
Limited Liability Company (LLC) - ANSWERS-a more recent invention in the US.
they were designed to combine the benefits of general partnerships and
corporations including the ability of the owners to manage the business. limited
liability for owners, and by permitting the owners to be treated like individuals for
tax purposes, thus avoiding double taxation problem of corporations
liability - ANSWERS-at one end of the spectrum are sole proprietorships and
general partners who have unlimited liability, meaning their personal assets are
subject to the debts of the business. a limited partner in a limited partnership,
members of an LLC, and shareholders of a corporation risk only their initial
investment
Piercing the Corporate Veil - ANSWERS-The action of a court to disregard the
corporate entity and hold the shareholders personally liable for corporate debts
and obligations.
, joint venture - ANSWERS-a partnership for a limited time and purpose
cooperative - ANSWERS-usually incorporated to provide an economic service to
its members such as for purchasing in bulk, many times nonprofit corporations
syndicate - ANSWERS-a group of investors who pool their money to finance a
specific project, usually real estate projects like a shopping center
corporation codes - ANSWERS-State statutes that regulate the formation,
operation, and dissolution of corporations
Revised Model Business Corporation Act (RMBCA) - ANSWERS-A 1984 revision of
the MBCA that arranges the provisions of the act more logically, revises the
language to be more consistent, and makes substantial changes in the provisions
corporation - ANSWERS-a fictitious legal entity that is created according to
statutory requirements
limited liability of shareholders - ANSWERS-A general rule of corporate law that
provides that generally shareholders are liable only to the extent of their capital
contributions for the debts and obligations of their corporation and are not
personally liable for the debts and obligations of the corporation
publicly held corporation - ANSWERS-A corporation that may have thousands of
stockholders and whose stock is traded on a national securities market.
