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business
essentials of business law

Questions and Answers of Essentials of Business Law

What are the three essential elements of a partnership? LO3
What are the rights and duties of partners in an ordinary partnership? LO3
What advantages do limited liability partnerships offer to businesspersons that are not offered by general partnerships? LO3
What are the key differences between the rights and liabilities of general partners and those of limited partners? LO3
Partnership Formation. Daniel is the owner of a chain of shoe stores. He hires Rubya to be the manager of a new store, which is to open in Grand Rapids, Michigan. Daniel, by written contract, agrees
Question with Sample Answer—Limited Partnership.Dorinda, Luis, and Elizabeth form a limited partnership.Dorinda is a general partner, and Luis and Elizabeth are limited partners. Discuss fully
Distribution of Partnership Assets. Shawna and David formed a partnership. At the time of the partnership’s formation, Shawna’s capital contribution was $10,000, and David’s was $15,000. Later,
Limited Partnership. James Carpenter contracted with Austin Estates, LP, to buy property in Texas. Carpenter asked Sandra McBeth to invest in the deal. He admitted that a dispute had arisen with the
Partnership Dissolution. George Chaney and William Dickerson were partners in Bowen’s Mill Landing, which purchased a large piece of land in the 1980s. The partners had planned to develop the
Fiduciary Duties of Partners. Karl Horvath, Hein Rüsen, and Carl Thomas formed a partnership, HRT Enterprises, to buy a manufacturing plant. Rüsen and Thomas leased the plant to their own company,
Case Problem with Sample Answer—Partnership Formation. Patricia Garcia and Bernardo Lucero were in a romantic relationship. While they were seeing each other, Garcia and Lucero acquired an
A Question of Ethics—Dissociation. Elliot Willensky and Beverly Moran formed a partnership to buy, renovate, and sell a house. Moran agreed to finance the effort, which was to cost no more than
Business Law Writing. Sandra Lerner and Patricia Holmes were friends. One evening, while applying nail polish to Lerner, Holmes layered a raspberry color over black to produce a new color, which
Business Law Critical Thinking Group Assignment.At least six months before the 1996 Summer Olympic Games in Atlanta, Georgia, Stafford Fontenot, Steve Turner, Mike Montelaro, Joe Sokol, and Doug
How are limited liability companies formed, and who decides how they will be managed and operated? LO1
What advantages do limited liability companies offer to businesspersons that are not offered by sole proprietorships or partnerships? LO2
What are the two options for managing limited liability companies? LO3
What is a joint venture? How is it similar to a partnership? How is it different? LO4
What are the essential characteristics of joint stock companies, syndicates, business trusts, and cooperatives, respectively? LO5
How are limited liability companies formed, and who decides how they will be managed and operated? LO4
What advantages do limited liability companies offer to businesspersons that are not offered by sole proprietorships or partnerships? LO4
What are the two options for managing limited liability companies? LO4
What are the essential characteristics of joint stock companies, syndicates, business trusts, and cooperatives, respectively? LO4
Limited Liability Companies. John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and Lesa and Trevor each contribute 20 percent.Nothing is decided
Question with Sample Answer—Special Business Forms. Faraway Corp. is considering entering into two contracts, one with a joint stock company that distributes home products east of the Mississippi
Jurisdiction. Joe, a resident of New Jersey, wants to open a restaurant. He asks his friend Kay, who is an experienced attorney and a New Yorker, for her business and legal advice in exchange for a
Limited Liability Companies. A limited liability company(LLC) owned a Manhattan apartment building that was sold. The owners of 25 percent of the membership interests in the LLC filed a lawsuit on
Joint Ventures. Holiday Isle Resort & Marina, Inc., operated four restaurants, five bars, and various food kiosks at its resort in Islamorada, Florida. Holiday entered into a “joint venture
LLC Dissolution. Walter Van Houten and John King formed 1545 Ocean Avenue, LLC, with each managing 50 percent of the business. Its purpose was to renovate an existing building and build a new
Case Problem with Sample Answer—LLC Operation. After Hurricane Katrina, James Williford, Patricia Mosser, Marquetta Smith, and Michael Floyd formed Bluewater Logistics, LLC, to bid on construction
Jurisdictional Requirements. Fadal Machining Centers, LLC, and MAG Industrial Automation Centers, LLC, sued a New Jersey–based corporation, Mid-Atlantic CNC, Inc., in federal district court. Ten
A Question of Ethics—LLC Operation. Blushing Brides, LLC, a publisher of wedding planning magazines in Columbus, Ohio, opened an account with Gray Printing Co. in July 2000. On behalf of Blushing
Business Law Critical Thinking Group Assignment.Although a limited liability company (LLC) may be the best organizational form for most businesses, a significant number of firms may be better off as
What is a close corporation? LO1
What steps are involved in bringing a corporation into existence? LO2
In what circumstances might a court disregard the corporate entity(“pierce the corporate veil”) and hold the shareholders personally liable? LO3
What are the basic differences between a merger, a consolidation, and a share exchange? LO4
What are the two ways in which a corporation can be voluntarily dissolved? LO5
What is a close corporation? LO2
In what circumstances might a court disregard the corporate entity (“pierce the corporate veil”) and hold the shareholders personally liable? LO2
What are the basic differences between a merger, a consolidation, and a share exchange? LO2
What are the two ways in which a corporation can be voluntarily dissolved? LO2
Preincorporation. Cummings, Okawa, and Taft are recent college graduates who want to form a corporation to manufacture and sell personal computers. Peterson tells them he will set in motion the
Question with Sample Answer—Corporate Powers.Kora Nayenga and two business associates formed a corporation called Nayenga Corp. for the purpose of selling computer services. Kora, who owned 50
Spotlight on Smart Inventions—Piercing the Corporate Veil. Thomas Persson and Jon Nokes founded Smart Inventions, Inc., to market household consumer products. The success of their first product,
Piercing the Corporate Veil. Smith Services, Inc., a trucking business owned by Tony Smith, charged its fuel purchases to an account at Laker Express. When Smith Services was not paid on several
Close Corporations. Mark Burnett and Kamran Pourgol were the only shareholders in a corporation that built and sold a house. When the buyers discovered that the house exceeded the amount of square
Purchase of Stock. Air Products & Chemicals, Inc., made a tender offer of $70 per share to the shareholders of Airgas, Inc. The Airgas board rejected the offer as inadequate and took defensive
Case Problem with Sample Answer—Purchase of Assets. Grand Adventures Tour & Travel Publishing Corp. (GATT) provided travel services. Duane Boyd, a former GATT director, incorporated Interline
Piercing the Corporate Veil. In 1997, Leon Greenblatt, Andrew Jahelka, and Richard Nichols incorporated Loop Corp. with only $1,000 of capital. Three years later, Banco Panamericano, Inc., which was
A Question of Ethics—Improper Incorporation.Mike Lyons incorporated Lyons Concrete, Inc., in Montana, but did not file its first annual report, so the state involuntarily dissolved the firm in
Business Law Critical Thinking Group Assignment.Angie Jolson is the chair of the board of directors of Artel, Inc., and Sam Douglas is the chair of the board of directors of Fox Express, Inc. Jolson
What are the duties of corporate directors and officers? LO1
Directors are expected to use their best judgment in managing the corporation. What must directors do to avoid liability for honest mistakes of judgment and poor business decisions? LO2
What is a voting proxy? LO3
From what sources may dividends be paid legally? In what circumstances is a dividend illegal? What happens if a dividend is illegally paid? LO4
If a group of shareholders perceives that the corporation has suffered a wrong and the directors refuse to take action, can the shareholders compel the directors to act? If so, how? LO5
What are the duties of corporate directors and officers? LO5
Directors are expected to use their best judgment in managing the corporation. What must directors do to avoid liability for honest mistakes of judgment and poor business decisions? LO5
What is a voting proxy? LO5
From what sources may dividends be paid legally? In what circumstances is a dividend illegal? What happens if a dividend is illegally paid? LO5
Voting Techniques. Algonquin Corp. has issued and has outstanding 100,000 shares of common stock. Four stockholders own 60,000 of these shares, and for the past six years they have nominated a slate
Question with Sample Answer—Liability of Directors.Starboard, Inc., has a board of directors consisting of three members (Ellsworth, Green, and Morino) and approximately five hundred shareholders.
Rights of Shareholders. Lucia has acquired one share of common stock of a multimillion-dollar corporation with more than 500,000 shareholders. Lucia’s ownership is so small that she is wondering
Duties of Majority Shareholders. Steve and Marie Venturini each owned half the stock of their family corporation, which had operated Steve’s Sizzling Steakhouse since the 1930s. Steve, Marie, and
Duties of Directors and Officers. First Niles Financial, Inc., is a company whose sole business is to own and operate a bank, Home Federal Savings and Loan Association of Niles, Ohio. First Niles’
Case Problem with Sample Answer—Rights of Shareholders. Stanka Woods is the sole member of Hair Ventures, LLC. Hair Ventures owns 3 million shares of stock in Biolustré, Inc. For several years,
Duty of Loyalty. Kids International Corp. produced children’s wear for Walmart and other retailers. Gila Dweck was a Kids director and its chief executive officer. Because she felt that she was not
A Question of Ethics—Duties of Directors and Officers. New Orleans Paddlewheels, Inc. (NOP), is a Louisiana corporation formed in 1982, when James Smith, Sr., and Warren Reuther were its only
Critical Legal Thinking. In general, courts are reluctant to grant shareholders’ petitions for corporate dissolution except in extreme circumstances, such as when corporate directors or
Business Law Critical Thinking Group Assignment.Milena Weintraub and Larry Griffith were shareholders in Grand Casino, Inc., which operated a casino in South Dakota. Griffith owned 51 percent of the
What is meant by the term securities? LO1
What are the two major statutes regulating the securities industry? LO2
What is insider trading? Why is it prohibited? LO3
What are some of the features of state securities laws? LO4
What certification requirements does the Sarbanes-Oxley Act impose on corporate executives? LO5
What is meant by the term securities? LO2
What is insider trading? Why is it prohibited? LO2
What are some of the features of state securities laws? LO2
What certification requirements does the Sarbanes-Oxley Act impose on corporate executives? LO2
Registration Requirements. Langley Brothers, Inc., a corporation incorporated and doing business in Kansas, decides to sell common stock worth $1 million to the public. The stock will be sold only
Question with Sample Answer—Registration of Stock. Huron Corp. has 300,000 common shares outstanding.The owners of these outstanding shares live in several different states. Huron has decided to
Violations of the 1934 Act. To comply with accounting principles, a company that engages in software development must either “expense” the cost (record it immediately on the company’s financial
Insider Trading. Jabil Circuit, Inc., is a publicly traded electronics and technology company. A group of shareholders who owned Jabil stock from 2001 to 2007 sued the company and its auditors,
Case Problem with Sample Answer—Violations of the 1934 Act. Matrixx Initiatives, Inc., makes and sells over-the-counter pharmaceutical products. Its core brand is Zicam, which accounts for 70
Disclosure under SEC Rule 10b-5. Dodona I, LLC, invested$4 million in two securities offerings from Goldman, Sachs &Co. The investments were in collateralized debt obligations(CDOs). Their value
A Question of Ethics—Violations of the 1934 Act.Melvin Lyttle told John Montana and Paul Knight about a“Trading Program” that purportedly would buy and sell securities in deals that were fully
Case Analysis Question. Go to Appendix I at the end of this text and examine the excerpt of Case No. 6, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit. Review and then brief the case, making
Business Law Critical Thinking Group Assignment.Karel Svoboda, a credit officer for Rogue Bank, evaluated and approved his employer’s extensions of credit to clients.These responsibilities gave
What is a monopoly? What is market power? How do these concepts relate to each other? LO1
What anticompetitive activities are prohibited by Section 1 of the Sherman Act? LO2
What type of activity is prohibited by Section 2 of the Sherman Act? LO3
What are the four major provisions of the Clayton Act, and what types of activities do these provisions prohibit? LO4
What agencies of the federal government enforce the federal antitrust laws? LO5
What anticompetitive activities are prohibited by Section 1 of the Sherman Act? LO1
What type of activity is prohibited by Section 2 of the Sherman Act? LO1
What are the four major provisions of the Clayton Act, and what types of activities do these provisions prohibit? LO1
What agencies of the federal government enforce the federal antitrust laws? LO1
Sherman Act. An agreement that is blatantly and substantially anticompetitive is deemed a per se violation of Section 1 of the Sherman Act. Under what rule is an agreement analyzed if it appears to
Question with Sample Answer—Antitrust Laws.Allitron, Inc., and Donovan, Ltd., are interstate competitors selling similar appliances, principally in the states of Illinois, Indiana, Kentucky, and

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