1.

George & Mark are still considering other business forms for P&P Enterprises. If they choose a closely held corporation with just the two of them and ten other investors as shareholders, which of the following would not be true about their company?

P&P Enterprises' minority shareholders will be provided more protection than in regular corporations.

P&P Enterprises' shares will be publicly traded.

P&P Enterprises will be able to operate without a board of directors.

P&P Enterprises can restrict its shareholders from transferring shares.

2.

Frank, Christie, & Matt are members of Custom Glass, an LLC. Custom Glass is getting sued by Andy, who has made a motion to have Custom Glass' veil pierced. The court may grant such a motion and pierce Custom Glass' veil if

Frank, Christie, & Matt keep their assets and the assets of Custom Glass separate.

Frank, Christie, & Matt fail to provide adequate capital.

Frank, Christie, & Matt treat Custom Glass like a separate organization.

Custom Glass has too many members.