Question

When an attorneys client is a corporation or other entity, is the attorneys duty owed to the entity itself or to the indivi
0 0
Add a comment Improve this question Transcribed image text
Answer #1

When the attorney’s client is an entity, the attorney’s duty owed is to the client entity and not to the individuals such as officers, directors, shareholders or employees. The attorney represents the entity only however they act through the duly authorized constituents of the entity and hence they do not represent any flesh and blood people of the entity. The word constituents refer to the officers, directors, employees or shareholders of the entity. Thus, the attorney represents the client entity and not the constituents of the entity.

Note- If you liked the answer, please give an up-vote, this will be quite encouraging for me, Thank you.

Add a comment
Know the answer?
Add Answer to:
When an attorney's client is a corporation or other entity, is the attorney's duty owed to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • When a corporation desires to sell a majority of its assets, which of the following must...

    When a corporation desires to sell a majority of its assets, which of the following must it obtain?                  (a) Approval from its board of directors and shareholders, but not from officers.                  (b) Approval from officers and its board of directors, but not from shareholders.                  (c) Approval from shareholders, but not from officers or its board of directors.                  (d) Approval from officers, its board of directors, and shareholders.                  (e) Approval from its board of directors, but...

  • In a publicly held corporation, the board of directors A is comprised of institutional investors B...

    In a publicly held corporation, the board of directors A is comprised of institutional investors B is elected by the corporate officers the top executives running the company D are representatives of the shareholders E elected by the employees of the organization Question 2 2.5 Points In a limited partnership, one or more persons act(s) as a general partner and the remaining partners A must buy units of ownership through the sale of stock B avoid taxation on profits of...

  • John Johnson and his son, Joseaph, own all outstanding stock of ABC Corporation. Both John and...

    John Johnson and his son, Joseaph, own all outstanding stock of ABC Corporation. Both John and Joseph are officers in the corporation and, together with their uncle, Sam, comprise the entire board of directors. ABC uses the cash method of accounting and has a calendar year-end. In late 2011, the board of directors adopted the following legally enforceable resolution (agreed to in writing by each of the officers): o Salary payments made to an officer of the corporation that shall...

  • Your client, Heron Corporation, has a deficit in accumulated E & P of $300,000. Starting this...

    Your client, Heron Corporation, has a deficit in accumulated E & P of $300,000. Starting this year, it expects to generate annual E & P of $150,000 for the next four years and would like to distribute this amount to its shareholders. How should Heron Corporation distribute the $600,000 over the four-year period to provide the least amount of dividend income to its shareholders (all individuals)? In a letter to your client, make appropriate suggestions on how this should be...

  • Your client, Bob, is the CEO of a corporation that has 12 stockholders who are also...

    Your client, Bob, is the CEO of a corporation that has 12 stockholders who are also the only employees of the business. The corporation operates a boat dealership in Sherman, Texas. The corporation has accumulated earnings and profits of $3,000,000, not including the current year’s taxable income, which is expected to be $800,000. No dividends have been paid to stockholders. Bob has been very pleased with the corporation’s performance and he wants to reward the stockholders. Bob is considering paying...

  • The responsibility of the directors of a corporation is to provide a return to shareholders on...

    The responsibility of the directors of a corporation is to provide a return to shareholders on their financial investment in the corporation . . . in other words, shareholders expect to make money on their investment. Corporations such as Facebook, Google, and Apple are financed through the sale of billions and billions of dollars in shares purchased by investors. Sometimes, however, the duty to maximize profits runs contrary to legal, but still questionable, business opportunities. Assume that you’re the director...

  • Discussion- Business Entity Directions: (You must post before you can see other postings.) Read the Instructor...

    Discussion- Business Entity Directions: (You must post before you can see other postings.) Read the Instructor Notes on Business Entity. Be mindful of all the unique distinctions between the entities. (ie.. formation, taxation. Profits and loss, etc.) Incorporate the notes into your answers. Identify legal and regulatory issues to be considered in creating/modifying this business. Identify and make clear reason, based on the facts in the situation, why you made that choice? Keep your posting limited to 300-500 words! What...

  • bus law Question 1 2 pts Which of the following provisions state that a Corporation is...

    bus law Question 1 2 pts Which of the following provisions state that a Corporation is a person? e Corporation lanw e Law of contract e Constitution of United States e Law of torts Question 2 2 pts Under Commerce clause, the power to regulate interstate commerce is given to which of the following? Federal court O Federal government Supreme court Secretary of states 2 pts Question 3 In which of the following situations will a business incorporated in Ohio...

  • Your client is a single individual, age 25 who has recently finished college and started a...

    Your client is a single individual, age 25 who has recently finished college and started a new job. This job pays $50,000 per year before deductions and provides medical insurance and a 401k Plan that the company matches up to 3%. This individual does not have any current savings or investments. Debt includes student loans and a $500 amount on a credit card. This person is planning to continue living with their parents for the next year or two to...

  • A common problem facing any business entity is the debt versus equity decision. When funds are...

    A common problem facing any business entity is the debt versus equity decision. When funds are required to obtain assets, should debt or equity financing be used? This decision also is faced when a company is initially formed. What will be the mix of debt versus equity in the initial capital structure? The characteristics of debt are very different from those of equity as are the financial implications of using one method of financing as opposed to the other. Cherokee...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT