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Match the terms with the correct definitions Business Judgment Rule A. When a partner withdraws from the partnership Duty of Care B. Legal obligation of directors to act in good faith in a manner reasonably Fiduciary Duty believed to be in the best interest of the corporation Dissociation c. The highest legal obligation to act in the best interest of the corporation D. When a partnership ends and winds up business Dissolution E. Protects officers and directors from personal liability for honest errors Match the term with the definition Publicly held A. Corporation whose shares are not available through a stock exchange Privately held B. Corporation whose shares have been sold through a stock exchange Closely held C. Corporation that is organized in the United States Domestic D. Corporation whose ownership is in the hands of only a few shareholders What is the level of liability on general partners? a. Guaranty b. Limited c. Common d. Joint and Several Moe, Larry, and Curly form a limited partnership. Moe and Larry are general partners. Curly is a limited partner who provided initial financing. If Moe borrows noney in the name of the partnership without the knowledge of the other partners and the partnership is not able to pay the money back, who is potentially iable for repaying the loan? a. Moe, Larry, and Curly, equally b. Moe and Larry c. Only Curly since he has money d. Only Moe When selecting a business entity for a new business, which of the following is NOT a factor for structuring the business? a. Tax treatment b. Ability to raise capital c. Name of the Business d. Liability protection