R6 Notes Flashcards by Brianna Mastropolo

Q

What is required for involuntary petition for bankruptcy to succeed?

A

you must owe $18,600 or more in unsecured debt.

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Q

What does the corporate stockholder have the right to do?

A

Approve dissolution (directors elect officers)

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Q

What happen when a partner in a partnership at will decides to dissociate?

A

partner’s management rights end
partner is still held liable for anything prior to dissociation for up to 2 years, unless the partners and creditor release the partner who is leaving

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