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LEGL 2700 ROESSING FINAL EXAM CURRENTLY
TESTING VERSIONS OF THE EXAM WITH
QUESTIONS AND CORRECT DETAILED
ANSWERS/EXPERT VERIFIED FOR GUARANTEED
PASS!/LATEST UPDATE
Members - .....ANSWER ...✔✔ The individuals or
business entities that belong to a limited liability
company
Benefit Corporation - .....ANSWER ...✔✔ a corporate
form that requires directors to ensure that the
corporation meets explicit social goals in addition to
producing shareholder profits
Managers - .....ANSWER ...✔✔ A person designated
and charged with day-to-day operations of a limited
liability company
Organizer - .....ANSWER ...✔✔ The parties
responsible for bringing a limited liability company into
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existence. These parties correspond to the functions of
incorporators with respect to corporations
Security - .....ANSWER ...✔✔ An investment in which
the investor does not participate in management
Securities and exchange commission - .....ANSWER
...✔✔ The federal administrative agency that
regulates the securities industry
Securities act of 1933 - .....ANSWER ...✔✔ The
federal law that regulates the initial sale of securities to
the public
Issuer - .....ANSWER ...✔✔ The term in securities law
for an individual or business organization offering a
security for sale to the public
Underwriter - .....ANSWER ...✔✔ The party that, in
securities law, guarantees the issuer that the securities
offered for sale will be sold
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Controlling person - .....ANSWER ...✔✔ The person
who has the control of, or is controlled by, the issuer of
securities in securities laws
Seller - .....ANSWER ...✔✔ In commercial law, a
person who sells of contracts to sell goods
Closely held - .....ANSWER ...✔✔ An organization
that is owned by only a few people
Publicly held - .....ANSWER ...✔✔ A business
organization that has hundreds, if not thousands, of
owners who can exchange their ownership interests on
public exchanges
Dissolution - .....ANSWER ...✔✔ The cancellation of an
agreement, thereby rescinding its binding force.
Sole proprietorship - .....ANSWER ...✔✔ The simplest
form of business organization, created and controlled
by one owner
Partnership - .....ANSWER ...✔✔ A business
organization involving two or more persons agreeing to
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conduct a commercial venture while sharing its profits
and losses
Articles of partnership - .....ANSWER ...✔✔ Another
name for a formally drafted partnership agreement
Assumed-name statute - .....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 - .....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 - .....ANSWER ...✔✔ The
legal principle that makes two or more people, usually
partners, liable for an entire debt as individuals or in
any proportional combination
LEGL 2700 ROESSING FINAL EXAM CURRENTLY
TESTING VERSIONS OF THE EXAM WITH
QUESTIONS AND CORRECT DETAILED
ANSWERS/EXPERT VERIFIED FOR GUARANTEED
PASS!/LATEST UPDATE
Members - .....ANSWER ...✔✔ The individuals or
business entities that belong to a limited liability
company
Benefit Corporation - .....ANSWER ...✔✔ a corporate
form that requires directors to ensure that the
corporation meets explicit social goals in addition to
producing shareholder profits
Managers - .....ANSWER ...✔✔ A person designated
and charged with day-to-day operations of a limited
liability company
Organizer - .....ANSWER ...✔✔ The parties
responsible for bringing a limited liability company into
,2|Page
existence. These parties correspond to the functions of
incorporators with respect to corporations
Security - .....ANSWER ...✔✔ An investment in which
the investor does not participate in management
Securities and exchange commission - .....ANSWER
...✔✔ The federal administrative agency that
regulates the securities industry
Securities act of 1933 - .....ANSWER ...✔✔ The
federal law that regulates the initial sale of securities to
the public
Issuer - .....ANSWER ...✔✔ The term in securities law
for an individual or business organization offering a
security for sale to the public
Underwriter - .....ANSWER ...✔✔ The party that, in
securities law, guarantees the issuer that the securities
offered for sale will be sold
,3|Page
Controlling person - .....ANSWER ...✔✔ The person
who has the control of, or is controlled by, the issuer of
securities in securities laws
Seller - .....ANSWER ...✔✔ In commercial law, a
person who sells of contracts to sell goods
Closely held - .....ANSWER ...✔✔ An organization
that is owned by only a few people
Publicly held - .....ANSWER ...✔✔ A business
organization that has hundreds, if not thousands, of
owners who can exchange their ownership interests on
public exchanges
Dissolution - .....ANSWER ...✔✔ The cancellation of an
agreement, thereby rescinding its binding force.
Sole proprietorship - .....ANSWER ...✔✔ The simplest
form of business organization, created and controlled
by one owner
Partnership - .....ANSWER ...✔✔ A business
organization involving two or more persons agreeing to
, 4|Page
conduct a commercial venture while sharing its profits
and losses
Articles of partnership - .....ANSWER ...✔✔ Another
name for a formally drafted partnership agreement
Assumed-name statute - .....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 - .....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 - .....ANSWER ...✔✔ The
legal principle that makes two or more people, usually
partners, liable for an entire debt as individuals or in
any proportional combination
