Bailey Corporation is a Florida Corporation governed by the…

Bailey Corporation is a Florida Corporation governed by the Florida Business Corporations Act.  Bailey is having its first annual meeting in April. The written notice of the meeting was mailed to all shareholders on the record date. Unfortunately, for Bailey Corporation, the annual meeting took place two days after a devastating hurricane. Major roads were in disrepair, and it was difficult to get commercial airline flights in and out of Florida. When the meeting was called to order, 47 of the 100 shareholders showed up, and there were 10 proxies received by mail. This represents 57% of the shares entitled to vote. Bailey Corporation’s articles of incorporation do not specify what is required for a quorum. Where the articles of incorporation are silent as to what constitutes a quorum of shareholders at a shareholder’s meeting, what is a quorum?

Assume the same facts as Question 38 that George W. and Jeb…

Assume the same facts as Question 38 that George W. and Jeb agree that George W.’s contribution of services to the LLC will be valued as a $200,000 contribution, that Jeb’s contribution is the $100,000 cash he paid, and that there is no specific agreement on distributions by the LLC. There is also no agreement between George W. and Jeb regarding the transfer of membership interests.