1) Partners in a limited liability partnership (LLP) are not liable for the liability of the

partnership. Discuss the accuracy of this statement.

2) Explain the significance of the determination that a corporation is a broadly held corporation

as opposed to a closely held corporation.

3) Explain under what circumstances a shareholder will not be permitted to sell his or her shares.

4) Indicate the main disadvantages to incorporation.

5) Explain what is meant by a preferred share.