29 Jun Question 11. Typical Inc. is a typical lar
Question
11. Typical Inc. is a typical large publicly traded corporation that was incorporated in 1990. Which of the following individuals is most likely employed by Typical Inc. to manage its day-to-day affairs?
a. Typical Inc.’s President
b. Typical Inc.’s Incorporator
c. Typical Inc.’s Outside Director
d. Typical Inc.’s Registered Agent
12. Assume the facts stated in the prior question. Typical Inc.’s current directors were most likely elected by its:
a. Incorporators
b. Registered Agents
c. Officers
d. Shareholders
13. Cool Ventures Inc. was incorporated in the state of South Carolina. In Florida, Cool Ventures Inc. is referred to as:
a. A reciprocal corporation
b. A domestic corporation
c. A foreign corporation
d. An alien corporation
14. Which of the following is MOST ACCURATE considering ORX Resources, Inc. v. MBW Exploration, LLC?
a. Business owners are never personally liable if the entity in question was formed as a Corporation (instead of an LLC)
b. Members of an LLC can be personally liable if a court pierces the “LLC veil” to prevent the use of the LLC form to default creditors
c. Members of an LLC are never personally liable
d. Members of an LLC are always personally liable
15. Which of the following documents is most likely NOT filed with a SOS?
a. An LLC’s Operating Agreement
b. An LLC’s Articles of Organization
c. A corporation’s Articles of Incorporation
d. A limited partnership’s Certificate of Limited Partnership
16. Which of the following is MOST ACCURATE considering Meinhard v. Salmon?
a. Unlike partners, joint adventurers do not owe one another a duty of loyalty
b. Joint adventurers are always entitled to equal pay for equal work
c. The duty of loyalty can be breached when a partner takes an opportunity for herself (without first disclosing the opportunity to the other partners)
d. All of the above
17. Which of the following actions will most likely to require shareholder approval:
a. Issuing common stock that has previously been authorized
b. Hiring a new person to run the marketing department of a services company
c. Increasing the number of authorized shares of stock
d. Increasing the price of a frequently sold product
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