1. The standard term of a limited liability company is ___ years.

a. 10

b. 20

c. 25

d. 30

e. 50

2. It is said that the primary reasons for incorporating are as follows:

a. Remove business barriers

b. Grow capital and attract investors

c. Expand liability and international expansion

d. Tax dodging and economic benefits

e. Reduce taxes and limit liability

3. Select the correct statement below.

a. In order for a corporation to be legally formed the owners have to advertise the name and articles of incorporation and meet statutory requirements.

b. In order for a corporation to be legally formed the owners have to confirm the name and articles of incorporation and meet statutory requirements.

c. In order for a corporation to be legally formed the owners have to franchise the name and articles of incorporation and meet statutory requirements.

d. In order for a corporation to be legally formed the owners have to buy the name and articles of incorporation and meet statutory requirements.

e. In order for a corporation to be legally formed the owners have to register the name and articles of incorporation and meet statutory requirements.

4. The ___________ form of ownership gives owners the most control of business operations.

a. Limited Partnership

b. Partnership

c. Corporation

d. LLC

e. Sole proprietorship