Possible Essay Questions
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University of Michigan *
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Business
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May 7, 2024
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You will see one of these essays verbatim on your midterm exam (instructor’s choice).
Possible Essay #1:
According to class discussion and the reading Piercing the Veil in Limited Liability Enterprises
, courts generally examine four main factors to determine whether they will “pierce the veil” of a limited liability
enterprise. Below, define what it means to “pierce the veil” and for each of the four factors, explain what the factor means and how a business can be sure to avoid veil piercing for that reason. 1)
What does it mean to “pierce the veil” of a limited liability business structure? (
1 point)
2)
Factor #1: thin capitalization
a.
What does this mean? (0.5 points)
b.
How can a company avoid this? (
0.5 points)
3)
Factor #2: siphoning off assets
a.
What does this mean? (
0.5 points)
b.
How can a company avoid this? (0.5 points)
4)
Factor #3: failure to respect corporate formalities
a.
What does this mean? (0.5 points)
b.
How can a company avoid this? (
0.5 points)
5)
Factor #4: company serves as mere façade
a.
What does this mean? (0.5 points)
b.
How can a company avoid this? (
0.5 points)
Possible Essay #2:
Based on class discussion and the reading “Anatomy of a Business Divorce,” answer the following questions:
1)
Why is it important to have an operating agreement
when working in a partnership or LLC? (
1 point)
2)
What is the default rule: may an owner sell their ownership stake in a partnership or LLC to an outside investor who is not already an owner? If so, what exactly can be sold? (
2 points)
3)
What is voluntary dissociation? If an owner voluntarily dissociates from the company, to what extent can that person govern the organization? Must they still receive their share of profits even after dissociation? (
1 point)
4)
What is involuntary dissociation? If an owner is involuntarily dissociated from the company, to what extent can that person govern the organization? Must they still receive their share of profits even after dissociation? (
1 point)
Possible Essay #3:
Based on class discussion and the Milton Friedman (1970) essay “The Social Responsibility of Business is to Increase its Profits,” answer the following questions:
1) Friedman admits that his argument applies to the corporate form and specifically does not apply to certain kinds of business structures. Identify at least two business structures that Friedman excludes in his analysis. For each business structure, why does Friedman write that his argument cannot apply?
> Total of 2 points; 0.5 points for each business structure and 0.5 points for each explanation
2) Friedman also has a specific definition for corporate social responsibility. How does Friedman distinguish between what he calls “window dressing,” and what acts of true corporate social responsibility?
> Total of 1 point for distinction
3) Using the definition for social responsibility given above, why does Friedman believe that managers or
directors engaged in corporate social responsibility are not properly serving their roles as agents of the shareholders?
> Total of 1 point for reason
4) Do you agree with Friedman? Give your opinion and provide your rationale.
> Total of 1 point for your opinion and a reason to support it (all opinions are acceptable for credit so long as you provide a rationale).
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Recommended textbooks for you
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