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In a member-managed LLC, the personal liability of each member is limited to his/her capital contribution, even though he/she participated in management of the business.

The document by which a shareholder grants another person the right to vote the shareholder’s shares at a shareholders’ meeting is called a:

Which of the following is true regarding the liability of the partners in a limited partnership?

Upon the winding up of a dissolved partnership, which of the following has priority with respect to the distribution of the assets of the partnership:

The Securities Exchange Act of 1934 regulates the issuance of securities to the public by a corporation.

Kate is an artist, who creates beautiful jewelry, and for the last several years has operated a studio (where she designs and sells her pieces) as a sole proprietorship under the name “Kate’s Creations”. She wants to expand her business, but does not have additional cash to invest. Several of Kate’s friends believe that she can grow the business and generate large profits, if she is able to purchase more materials and hire a part-time assistant. Sarah, Mary and Lori want to become part owners of Kate’s Creations, and each agrees to contribute $2,500 to expand Kate’s business. Kate’s friends will not be involved in the day-to-day business operations or make management decisions for the business. They also want to limit their personal liability to the amount of their investment, so they have suggested that Kate either form a limited liability company or a corporation.

The private placement exemption allows issuers to raise capital from an unlimited number of accredited investors without having to register the offering with the SEC.

The required number of shares that must be represented in person or by proxy to hold a meeting of the shareholders is known as

State laws require the LLP to carry liability insurance that covers negligence, wrongful acts, and misconduct by the partners, since all partners have limited liability.

What function did streets not serve in most medieval towns?