Under the Statutory Close Corporation Supplement, a closely held corporation may use a shareholder agreement in place of bylaws
a. True
b. False
Indicate whether the statement is true or false
True
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Byron bought a 50' yacht from Myrtle's Marina by entering into a note and security agreement promising the yacht as collateral for the purchase money security interest. When Byron faced some tough financial times, he failed to make three monthly payments. Myrtle's Marina repossessed the yacht by removing the yacht engine and advertised a public auction of the yacht. Byron appealed to his good
friend Charles and managed to pay off the debt balance and the Marina's expenses of repossessing and advertising the sale. Byron's actions represent: a. strict foreclosure. b. redemption. c. silent bidding at the auction. d. an artisan's lien.
The person committing a tort is subject to a civil law suit
Indicate whether the statement is true or false
Sparks Corporation has a cash balance of $18,000 on April 1. The company must maintain a minimum cash balance of $10,000. During April, expected cash receipts are $98,000. Cash disbursements during the month are expected to total $112,000. Ignoring interest payments, during April the company will need to borrow:
A. $4,000 B. $8,000 C. $2,000 D. $6,000
Based on Luthans’ research, in order for organizations to be effective they must reward effective managers and help them become successful.
a. true b. false