LEGL 2700 Roessing Final
Questions Answered With Expert
Insight 100% PASS
Members - CORRECT ANSWER-The individuals or business entities that belong
to a limited liability company
Benefit Corporation - CORRECT ANSWER-a corporate form that requires
directors to ensure that the corporation meets explicit social goals in addition to
producing shareholder profits
Managers - CORRECT ANSWER-A person designated and charged with day-to-
day operations of a limited liability company
Organizer - CORRECT ANSWER-The parties responsible for bringing a limited
liability company into existence. These parties correspond to the functions of
incorporators with respect to corporations
Security - CORRECT ANSWER-An investment in which the investor does not
participate in management
,Securities and exchange commission - CORRECT ANSWER-The federal
administrative agency that regulates the securities industry
Securities act of 1933 - CORRECT ANSWER-The federal law that regulates the
initial sale of securities to the public
Issuer - CORRECT ANSWER-The term in securities law for an individual or
business organization offering a security for sale to the public
Underwriter - CORRECT ANSWER-The party that, in securities law, guarantees
the issuer that the securities offered for sale will be sold
Controlling person - CORRECT ANSWER-The person who has the control of, or
is controlled by, the issuer of securities in securities laws
Seller - CORRECT ANSWER-In commercial law, a person who sells of contracts
to sell goods
Closely held - CORRECT ANSWER-An organization that is owned by only a few
people
Publicly held - CORRECT ANSWER-A business organization that has hundreds,
if not thousands, of owners who can exchange their ownership interests on public
exchanges
Dissolution - CORRECT ANSWER-The cancellation of an agreement, thereby
rescinding its binding force.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,Sole proprietorship - CORRECT ANSWER-The simplest form of business
organization, created and controlled by one owner
Partnership - CORRECT ANSWER-A business organization involving two or
more persons agreeing to conduct a commercial venture while sharing its profits
and losses
Articles of partnership - CORRECT ANSWER-Another name for a formally
drafted partnership agreement
Assumed-name statute - CORRECT ANSWER-A state law that requires partners
to make a public filing of their identities if their partnership operates under a name
that does not reveal the partners' identities
Buy and sell agreement - CORRECT ANSWER-A contract, usually among
partners, but perhaps among shareholders, wherein one party agrees to but the
ownership interest held by another party or the first party agrees to sell such an
interest to the other party. These contractual provisions help provide for a
transition of owners without harming the business of the organization
Jointly and severally liable - CORRECT ANSWER-The legal principle that makes
two or more people, usually partners, liable for an entire debt as individuals or in
any proportional combination
Domestic Corporation - CORRECT ANSWER-A business organization created
by the issuance of a state charter that operates in the state that issued the charter
, Foreign Corporation - CORRECT ANSWER-A business organization, created by
the issuance of a state charter, that operates in states other than the one issuing the
charter
Alien Corporation - CORRECT ANSWER-A corporation created under the
authority of a foreign country
Charter - CORRECT ANSWER-The legal document issued by a state when
creating a new corporation
Incorporators - CORRECT ANSWER-Those individuals who are responsible for
bringing a corporation into being
Articles of incorporation - CORRECT ANSWER-The legal document that forms
the application for a state charter of incorporation
Shareholders - CORRECT ANSWER-The owners of corporations
Directors - CORRECT ANSWER-Those individuals who are elected by the
shareholders to decide the goals and objectives for the corporate organization
Officers - CORRECT ANSWER-Those individuals appointed by directors of a
corporation to conduct that daily operations of the corporate organization
Proxy - CORRECT ANSWER-The legal document whereby a shareholder
appoints an agent to vote the stock at a corporation's shareholders' meeting
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
Questions Answered With Expert
Insight 100% PASS
Members - CORRECT ANSWER-The individuals or business entities that belong
to a limited liability company
Benefit Corporation - CORRECT ANSWER-a corporate form that requires
directors to ensure that the corporation meets explicit social goals in addition to
producing shareholder profits
Managers - CORRECT ANSWER-A person designated and charged with day-to-
day operations of a limited liability company
Organizer - CORRECT ANSWER-The parties responsible for bringing a limited
liability company into existence. These parties correspond to the functions of
incorporators with respect to corporations
Security - CORRECT ANSWER-An investment in which the investor does not
participate in management
,Securities and exchange commission - CORRECT ANSWER-The federal
administrative agency that regulates the securities industry
Securities act of 1933 - CORRECT ANSWER-The federal law that regulates the
initial sale of securities to the public
Issuer - CORRECT ANSWER-The term in securities law for an individual or
business organization offering a security for sale to the public
Underwriter - CORRECT ANSWER-The party that, in securities law, guarantees
the issuer that the securities offered for sale will be sold
Controlling person - CORRECT ANSWER-The person who has the control of, or
is controlled by, the issuer of securities in securities laws
Seller - CORRECT ANSWER-In commercial law, a person who sells of contracts
to sell goods
Closely held - CORRECT ANSWER-An organization that is owned by only a few
people
Publicly held - CORRECT ANSWER-A business organization that has hundreds,
if not thousands, of owners who can exchange their ownership interests on public
exchanges
Dissolution - CORRECT ANSWER-The cancellation of an agreement, thereby
rescinding its binding force.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,Sole proprietorship - CORRECT ANSWER-The simplest form of business
organization, created and controlled by one owner
Partnership - CORRECT ANSWER-A business organization involving two or
more persons agreeing to conduct a commercial venture while sharing its profits
and losses
Articles of partnership - CORRECT ANSWER-Another name for a formally
drafted partnership agreement
Assumed-name statute - CORRECT ANSWER-A state law that requires partners
to make a public filing of their identities if their partnership operates under a name
that does not reveal the partners' identities
Buy and sell agreement - CORRECT ANSWER-A contract, usually among
partners, but perhaps among shareholders, wherein one party agrees to but the
ownership interest held by another party or the first party agrees to sell such an
interest to the other party. These contractual provisions help provide for a
transition of owners without harming the business of the organization
Jointly and severally liable - CORRECT ANSWER-The legal principle that makes
two or more people, usually partners, liable for an entire debt as individuals or in
any proportional combination
Domestic Corporation - CORRECT ANSWER-A business organization created
by the issuance of a state charter that operates in the state that issued the charter
, Foreign Corporation - CORRECT ANSWER-A business organization, created by
the issuance of a state charter, that operates in states other than the one issuing the
charter
Alien Corporation - CORRECT ANSWER-A corporation created under the
authority of a foreign country
Charter - CORRECT ANSWER-The legal document issued by a state when
creating a new corporation
Incorporators - CORRECT ANSWER-Those individuals who are responsible for
bringing a corporation into being
Articles of incorporation - CORRECT ANSWER-The legal document that forms
the application for a state charter of incorporation
Shareholders - CORRECT ANSWER-The owners of corporations
Directors - CORRECT ANSWER-Those individuals who are elected by the
shareholders to decide the goals and objectives for the corporate organization
Officers - CORRECT ANSWER-Those individuals appointed by directors of a
corporation to conduct that daily operations of the corporate organization
Proxy - CORRECT ANSWER-The legal document whereby a shareholder
appoints an agent to vote the stock at a corporation's shareholders' meeting
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
