Law 351 Exam

Exam questions to review 90% grade achieved. Only 3 answers were wrong that have been elaborated on.

3 If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is rightful(a)?
Managers of LLCs are non personally liable for the debts, obligations, and liabilities of the LLC they manage [ULLCA separate 303(a)].
A. Only the managers of a manager-managed LLC will drift off limited liability.
B. whole members will lose their limited liability.
C. This failure will not result in imposing personal liability on any member.
D. Only the parties responsible for the failure will lose limited liability.
10) no accountants on the gore of the Oriole Corporation, a privately held corporation. The board routinely relies on a certifiable Public Accountant (CPA) to explain the financial situation of the corporation. The board does not do an independent analysis of the CPAs report. In these circumstances, the board is p 811
A federal meet that imposes new rules that affect public accountants.



The act: created the Public association Accounting Oversight Board (PCAOB); requires public accounting firms to study with the PCAOB; separates analyze services and certain nonaudit services provided by accountants to clients; requires an audit partner of the accounting firm to supervise an audit and delight in an audit report prepared by the firm and requires a second partner of the accounting firm to review and wonder the audit report; and prohibits employment of an accountant by a previous audit client for certain positions for a pointedness of one year following the audit..
| A.| | violating a duty of trueness No p 473 A fiduciary duty owed by an agent not to act adversely to the interests of the principal. Ie Self-Dealing, Usurping an Opportunity, Competing with the Principal, injure of Confidential Information, Dual Agency|
| B.| | violating a duty to accomplishment due care p 94 defendant was at fault for causing his injuries.|
| C.| | violating the...If you want to get a good essay, order it on our website: Orderessay



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