In an LLC, members decide how to operate the business and enter into a binding agreement of essential terms, and this is called the Operating Agreement.

When incorporating a corporation, why do people research and potentially select a state different than their current residence to incorporate? Explain why this same thing does not occur when forming LLCs. (4pts)

Who owns a corporation? 

What type of stock allows for preferential treatment?

When an LLC dissolves, the process of selling the assets, paying the debts, and closing the company is called __________?

There is no requirement for small, close corporations to operate with the formality usually expected of larger corporations. 

1. Define trespass to chattel. (1pt) 2. Define conversion. (1 pt) 3. Explain a difference between trespass to chattel and conversion. (1 pt) 4. Give an example of trespass to chattel (1 pt) 5. Give and example of conversion (1 pt)

Preferred stock generally does not have voting rights.

To generate funds for a corporate start up, corporations use several different methods.  Match the funding method with the appropriate description below.

List two examples of slander per se.