In the case of Estate of Countryman v. Farmers Cooperative Association discussed in the text, the plaintiffs attempted to hold a member who owned 95% of an LLC personally liable as the LLC's manager, after propane gas delivered by the LLC exploded. How did the court rule?
a. That only the LLC could be held liable.
b. That the manager was subject to personal liability along with the LLC regardless of whether it could be established that the manager participated in tortious conduct in performing his duties.
c. That only the manager, not the LLC, could be held liable.
d. The manager was not shielded from personal liability if he participated in tortious conduct while performing his duties.
d
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The wrongful or fraudulent taking of another's personal intangible properties such as trade secrets, computer programs, and other business property is considered as a(n) ________
A) larceny B) robbery C) aggravated burglary D) aggravated robbery
Tom and Lynn get together and start a mortgage brokerage business. They each contribute $25,000 of capital to the business. After the first year of operation, the total owners' equity is listed as $60,000. Most likely, the additional $10,000 of owners' equity is
A. common stock. B. long-term liabilities. C. current liabilities. D. retained earnings. E. a bank loan.
?Legislation requires that all non-salaried employees who work more than 40 hours a week be paid over-time for the week. This legislation is an example of
A. ?government's role in encouraging ethics. B. ?trade associations' role in encouraging ethics. C. ?individual companies' role in encouraging ethics. D. ?personal application of ethics.
All identifying relationships are 1:N
Indicate whether the statement is true or false