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BLAW 3310 TEST 3 SCHWEMER QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS GRADED A+
Question : LLC and Personal Liability
CORRECT ANSWER: No member or manager is
personally liable for all debts.
Question : Piercing the corporate veil
CORRECT ANSWER: A situation in which courts put
aside limited liability and hold shareholders or directors
personally liable for a corporation's actions or debts.
Question : Forming a partnership
CORRECT ANSWER: Either an oral or written
agreement must be made between partners. Written is the
most formal and may include terms such as finances,
management, and terms for dissolution.
Question : General Partnership
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