Corps And LLC

Question 1

Direct Suits

Answer 1

The appropriate when the wrong amounts to breach of duty owed to the individual personally.

Question 2

Derivative Suits

Answer 2

When there is injury caused to the corporation and a shareholder is trying to enforce the corporation rights.

Question 3

A shareholder may not commence or maintain a derivative suit unless these requirements are made.

Answer 3

SAD
Standing
Adequate representation of corp interest
Filing a written demand (90 days)