Copr

10 Questions  I  By Badalbert on March 24, 2011
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Question Excerpt

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1.  Only certain funds are legally available for paying dividends
A.
B.
2.  A corp. is liable for the torts of its officers commited within the course and scope of employment
A.
B.
3.  State corp laws are entirely uniform.
A.
B.
4.  Damages recovered in a shareholders derivative suit are paid to the shareholder who filed the suit
A.
B.
5.  Directors, but not officers owe a duty of loyalty to the corp
A.
B.
6.  The business judgment rule makes a director liable for losses to the firm in most cases.
A.
B.
7.  An officer is a fiduciary of a corp.
A.
B.
8.  In some states, a close corporation can operate without formal share holders or directors' meetings
A.
B.
9.  Preemptive rights entitle shareholders to bring a derivative suit against the corp.
A.
B.
10.  Generally, shareholders are not personaly responsible for the debts of the corp.
A.
B.
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