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LLC's
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Corporation Potpourri
100
This is a business organization that offers the benefits of both partnerships and corporations.
What is a Limited Liability Company
100
Corporations are said to act through this body?
What is the board of directors?
100
Electing directors, Amending bylaws and articles of incorporation, Issuing new corporate stock and Dissolving the corporation typically require the approval of this body.
Who are the shareholders?
100
This is the document filed with the secretary of state to form the corporation.
What are the Articles of Incorporation
100
This organizations is responsible for trading the largest volume of stock in the world.
What is the New York Stock Exchange?
200
These are the people who manage the company or delegate that responsibility to others
Who are the members
200
The board of directors is elected annually by this group of people.
Who are the shareholders?
200
Typically, each share of stock is entitled to this many votes?
What is one vote?
200
This is the main governing document of the corporation which establishes procedures for giving notice and holding shareholder meetings and procedures for giving notice and holding board of director meetings
What are the bylaws?
200
This man was a multi-millionaire investor who defrauded his clients of over 64 billion dollars.
Who is Bernie Madoff?
300
Membership in this type of LLC may be restricted to licensed professionals of a single profession.
What is a Professional Limited Liability Company?
300
These are the three duties owed by the board of directors to the corporation.
What are the duty of loyalty, the duty of care, and the duty of good faith?
300
This form of voting allows each shareholder to cast all of their votes for each individual position.
What is Straight Voting?
300
In Texas, the a corporation is formed when this document is filed with the Secretary of State.
What is a certificate of formation?
300
This case helped to guarantee that corporations are entitled to freedom of expression protection under the first amendment of the Constitution.
What is Citizens United v. Federal Election Commission?
400
In a manager-managed LLC, who are considered to be agents of the company?
Who are the managers?
400
Directors commonly have the authority to delegate their power to this group.
What is a committee?
400
In this form of shareholder voting, each person has as many votes as there are positions to be filled and votes can be concentrated on one position or spread out amongst positions
What is cumulative voting?
400
A Limited Liability Company is created when this document is filed with the Secretary of State?
What is the certificate of formation?
400
The majority of the United States' corporate laws derive from which state?
What is Delaware?
500
All members of a member-managed LLC are considered to be this of the company.
What is an agent?
500
This rule tells us that officers and directors are not personally liable for bad outcomes of honest, careful decisions within their corporate powers when those decisions are made in good faith, without personal interest, with information and in the best interest of the corporation.
What is the Business Judgment Rule?
500
This is a person who acts for another person, usually to vote in place of the other person in a meeting the other cannot attend.
What is a proxy?
500
This governing body has the authority to impose disclosure requirements over corporations that intend to offer stocks to the public.
What is the Securities Exchange Commission?
500
This word refers to any action which has been approved by the shareholders or directors.
What is a resolution?