Blaw test

Web services LLC is a manager managed limited liability company. Under the operating agreement, the firm will be managed by a chief executive officer. (CEO) The CEO position may be filled by:

A member only

Larry, Moe, and Curley agreed to be partners in Ted Healy tours, a travel agency. Larry contributes, 75% of the capital. The partners agree to split the profits equally, but make no provision, for how losses will be allocated. When Ted Healey tours is dissolved, its liabilities are greater than its assets. The losses are paid by:

All of the partners in proportion to their share of the profits

You look at a box of Wheaties cereal in the grocery store, and to your surprise, see your photo on it you may probably sue for the tort of

Appropriation

Hitting someone in the face is an example of

Battery

The rules that regulate and govern the internal operation of a corporation are known as

Bylaws

Wilson appliances Inc. is a private for-profit corporation that was formed for the purpose of manufacturing and distributing a newly patented kitchen appliance. It is owned by five shareholders, and is the subject of double taxation, and has made no public offering of its shares. They are a.

Close corporation

The last clear chance doctor in applies to what

Contributory negligence

The fact that interest is paid is a deductible Business expense is an important consideration in what type of corporate financing.

Debt financing

A false statement of fact, appearing in a newspaper that degrade the quality of another's good or service is an example of slander

False

A limited liability company must be formed in operated in compliance with the federal law, which regulates this form of business organization

False

After reviewing a corporations, articles of incorporation and its application, the state issues corporate bylaws

False

An alien corporation is chartered in one state, but does business in another state

False

Assault is a direct, intentional, uninvited, physical contact without consent

False

By law, profits, in a partnership must always be shared equally

False

For a battery to exist, the victim must be aware of the harmful or offensive contact at the time and the occurs

False

For the tort of false imprisonment, there must be physical restraint of the victim

False

In a limited liability company members must participate in the management of the company

False

In most states, one of the requirements for a sole proprietorship is that a firm must file a certificate of proprietorship with the appropriate state office

False

In order to recover for an international tort, an injured person must show only one thing, a negligent act on the part of the defendant

False

The business judgment rule makes a Director liable for losses to the corporation in most cases

False

The evidentiary standard, for the burden of proof, in a civil case of negligence, is by a preponderance of the evidence

False

Tying someone down, so that they could not escape, would constitute civil tort liability for

False imprisonment

A partners duty of loyalty is an example of a __________ duty.

Fiduciary

Plowboy magazine in agricultural publication is incorporated in the state of Iowa, but is printed at facilities in the state of Kansas, where it is very popular among the rural population. In the state of Kansas, plowboys Inc. is considered a.

Foreign corporation

Kietz and leabo agree over the phone to go into business as partners. The fact that they have not yet reduced their agreement to a writing will:

Have no effect on the formation of their partnership

Donna and Earl are partners in the law firm LLP, a limited liability partnership, Donna supervisors, Earl. Earl negligently fails to appear in court on behalf of Frank, a client. Frank she's Donna, and Earl for malpractice. If the principle of proportionate liability is applied, Donna will likely be held liable for:

Her portion of responsibility for Earls negligence

When a court "pierces the corporate veil" it:

Holds shareholders personally liable for corporate debts

Red mule pizza is operated as a partnership. For tax purposes, red mule pizza:

Is required to file an informational return, but is not a tax paying entity

Ginger owns Gilligan enterprises, a sole proprietorship. As a sole, proprietor, gingers liability is:

Limited to the extent of her investment plus any subsequent capital contributions

Limited partners are investors who

May not participate in the management of the business

Seeing a stranger asleep on a public bench, you proceed to draw a harmless mustache on his face without waking him up. You may have just committed:

Not assault and battery

ACME toy company LLC is a limited liability company with three members. Unless indicated otherwise on ACME's federal Tex form, the firm will be taxed as a:

Partnership

Thurgood was hit by a car driven by a careless driver, but since he had been crossing the street against a red light, the jury found him to be 60% at fault for the cause of the accident. The jury awarded him $20,000 for damages. This trial was held in a state that recognizes:

Pure comparative negligence

An oral untrue statement about a business product or service is known as

Slander

Dwayne The Rock Johnson is your neighbor. He asks to borrow your box of slim Jim's and then refuses to give it back. Your best legal action against Mr. Johnson in reclaiming your slim Jim's will be:

Suing for conversion of property

Proximate cause limit liability to harms

That are forseeable, and bear a reasonable relationship to a defendant negligent conduct

Henderson construction is a limited partnership. Among the partners, a dispute arises that their operating agreement does not cover, the dispute will likely be governed by:

The limited partnership creation and organization act (LPCOA)

Jackie distributes a hand bill among her neighbors, accusing one of them, Sam, of being a convicted, sex offender The statement is defamatory only if

The statement is false

A corporation enjoys, most of the same rights and privileges accorded US citizens

True

A limited partnership includes at least one general partner

True

A partnership may be terminated if a owner withdraws from the partnership

True

A sole proprietorship is automatically dissolved upon the death of the owner

True

A tort is broadly defined as a civil wrong other than a breach of contract, for which the law provides a remedy

True

Each partner in a partnership is an agent of every of other partner, within the scope of partnership business

True

In a limited ability, limited partnership, the liability of a general partner is limited to the amount of capital he, or she has invested in the partnership

True

Landowners oh, a duty of care to people who trespass on the property

True

Limited liability, companies are generally tax like a partnership, but have the liability rules of a corporation

True

Subchapter S corporations, avoid federal income taxes at the corporate level

True

Tossing beer, kids onto your neighbors yard results in a trespass of to land

True

Under the doctrine of negligence per se, a defendant violation of a statute may create a reputable presumption that a breach of the duty of care has occurred

True