7. The situation in which the owner of an S corp can be held personally liable for the grossly negligent or criminal actions committed by the corporation is called: A. Res Ipsa Loquitor B. Rule Against Negligent Corporate Activity C. Non of the above D. Pierce the Corporate Veil 8. The place where Articles of the Organization are filed to create a Limited Liability Company is called the Department of Business Regulation. A. True B. False 9. The owner of a Limited Liability Company is called: A. Shareholder B. Fiduciary C. Member D. Manager
7. The situation in which the owner of an S corp can be held personally liable for the grossly negligent or criminal actions committed by the corporation is called: A. Res Ipsa Loquitor B. Rule Against Negligent Corporate Activity C. Non of the above D. Pierce the Corporate Veil 8. The place where Articles of the Organization are filed to create a Limited Liability Company is called the Department of Business Regulation. A. True B. False 9. The owner of a Limited Liability Company is called: A. Shareholder B. Fiduciary C. Member D. Manager
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. The situation in which the owner of an S corp can be held personally liable for the grossly negligent or criminal actions committed by the corporation is called:
A. Res Ipsa Loquitor
B. Rule Against Negligent Corporate Activity
C. Non of the above
D. Pierce the Corporate Veil
8. The place where Articles of the Organization are filed to create a Limited Liability Company is called the Department of Business Regulation.
A. True
B. False
9. The owner of a Limited Liability Company is called:
A. Shareholder
B. Fiduciary
C. Member
D. Manager
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