1. Fully explain the management structure of a corporation and the role and responsibilities of the stockholders, directors and officers of a corporation.

2. John Smith accepts a job as a sales representative at ABC Used Cars which sells used vehicles in Frederick County, Maryland. A week after he is hired and working, John's boss asks him to sign a non-compete agreement that states he will not work for a another car dealership selling used cars in the United States for a period of 3 years from the date he stops working for ABC Used Cars. John signs it, and a week later quits. He now wants to get out of the non-compete agreement.

Explain what factors or arguments he could use to show that the non-compete agreement he signed is not enforceable.

3. Identify and explain at least 2 factors you should consider when determining what type of business entity you should form to start a new business.