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Corp MEE > End of Corps Outline > Flashcards

End of Corps Outline Flashcards

1
Q

Dissolution

A

Any partner can choose to dissociate from the partnership by giving notice. Partnership may dissolve when a partner dissociates, but dissociation does not necessarily
cause dissolution

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2
Q

Winding up

A

Must pay off debts to creditors before distributing assets to members

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3
Q

Direct Action

A

May bring suit against LLC or other members to enforce the member’s rights

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4
Q

Derivative Action

A

May bring a derivative action on behalf of the LLC against other members (or even against themselves)

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Corp MEE (3 decks)

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