The Legal Environment of Business: Text and Cases
9th Edition
ISBN: 9781305764460
Author: Frank B Cross/ Roger LeRoy Miller
Publisher: CENGAGE C
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Question
Chapter 17, Problem 1IS
Summary Introduction
Case summary: Persons G, H, and I are members of J watches. J watches is an LLC.
To find: The options available to the persons G, H, and I with regards to the management of their firm.
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Assessment
Wite true if the statement is correct and write false if not
Al crporaters are subsribers but subsuribers need not be an incorporator
2. The Corporate Treasurer of a corporation must be a director.
Death of shareholder will not dissalve the corporation
4 A corporation can come into existence by mere agreement of the parties as in the case
of partnerships
S Acorporation is created by agreement of the sharehalders.
The paid-up capital of a Plippine corporation must not be less than Php S00.00.
7Any Individual shareholden in a corporation may personally be held lable for all debts
Inuered by the corporation
L Al incerporators are corporators of a corporation.
S A corporatlen has continulty of existence which permits the business to continue
epardiess of changes in ownership or the death of shareholders
10 Acorportatien or a partnership can be a Incorporator but not a corporator.
11. Corparate Secretary must be a…
Rebecca, age 53, died suddenly of a heart attack. She leaves behind her husband Chris and her three teenage sons, Calvin, Cameron and Craig. Rebecca does not have a will and leaves behind the following assets:
House $800,000 (Joint Ownership with Chris)
Non-registered Portfolio $273,593 (Individually owned)
RRSP $370,068 (Beneficiary: Chris)
Life insurance $309,927 (Beneficiary: Estate)
Assuming that Rebecca lives in Ontario, how much will each of her sons inherit from her estate?
Round your answer to the nearest dollar.
Several months ago, Amanda Potter became a trustee of Breakthrough, a UK charity that supports educational and cultural initiatives for underprivileged children. Potter was invited to join the board of trustees by the board chairman, a long-time friend. In the time since her appointment, Potter has begun to learn about the activities of the charity; however, there are still aspects of operations and funding about which she is not altogether clear. There is some disagreement between trustees about whether the main area of activity for the charity should be educational or whether it should focus more on cultural activities. The board of trustees has met only twice since her appointment, and Potter now understands that many of the policy decisions are made by the chief executive of the organisation and his small management team. Since her appointment, Potter feels that she has done very little as a trustee. She is also annoyed that she has twice been asked to find individuals or companies…
Chapter 17 Solutions
The Legal Environment of Business: Text and Cases
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