1. Answer the following:

a. Compare the respective roles of the officers, board of directors, and the shareholders of a corporation. Who runs the corporation? Explain your answer and give examples of the kinds of tasks each performs.

b. How does the management structure of a closely held corporation differ from that of a publicly traded corporation?

2. Answer the following:

a. Who selects the officers of a corporation under most state corporate statutes? Who removes them? Explain.

b. What duties do the officers and directors of a corporation owe to the corporation? Explain.