Question

Terms:

Private Corporation	11. License
Limited liability	12. Joint & several liability
Actual authority	13. Public Corporation
Officer	14. Due diligence
Apparent authority	15. Limited liability partnership
Oppression remedy	16. Vicarious Liability
General partnership	17. Director
Corporation	18. Sole proprietorship
Limited partner	19. Franchise
Prospectus	20. Fiduciary duty

1. ABC Inc. is owned by many different shareholders as its shares on sold on the stock exchange. #_____

2. The firm of Jane, Bing and Mary LLP recently rented space in a new building. #_____

3. Joe Fayed has decided to invest in the firm of Dottie, Glass and Eame. He will contribute $100,000 and he hopes that the new venture the firm is going into will be successful. He will not be offering any advice, nor take part in the management of the firm. #_____

4. Jill and Jenny were equal partners. Their ice-cream store didn’t do well and the bank loan went into default. The bank collected the entire amount from Jill. #_____

5. Sharon’s Flower shop Inc. went bankrupt. The only shareholder was Sharon. Sharon’s assets were not used to pay any creditors. #_____

6. Minh entered into an agreement with Felice to authorize Felice to sell Minh’s art paintings on his behal #_____

Answer 1

ABC Inc. is owned by many different shareholders as its shares on sold on the stock exchange​​​​ : public corporation

a public corporation can list its stock on exchange.

The firm of Jane, Bing and Mary LLP recently rented space in a new building. : Limited Liability partnership

​​​​llp is limited liability partnership

Joe Fayed has decided to invest in the firm of Dottie, Glass and Eame. He will contribute $100,000 and he hopes that the new venture the firm is going into will be successful. He will not be offering any advice, nor take part in the management of the firm. : limited partne​​​

limited partner is someone who has no rights to vote but has invested money.

Jill and Jenny were equal partners. Their ice-cream store didn’t do well and the bank loan went into default. The bank collected the entire amount from Jill. vicarious liability

Vicarious liability is one partner having to deal with liability caused due to mistakes or negligience

Sharon’s Flower shop Inc. went bankrupt. The only shareholder was Sharon. Sharon’s assets were not used to pay any creditors. prIvate corporation

​​​only one shareholder but the liability was limited ,makes it private corporation.

Minh entered into an agreement with Felice to authorize Felice to sell Minh’s art paintings on his behal : License

license is the right to manufacture or sell on behalf of other company.