1) You form a business and intending on having only 75 shareholders. What type of business form can you use?

	a.	S Corporation
	b.	C Corporation
	c.	LLC
	d.	All of these

2) You form a business and intending on having only 75 shareholders. What type of business form can you use?

	a.	S Corporation
	b.	C Corporation
	c.	LLC
	d.	All of these

3)You are a partner in a partnership that operates a convenience store. You are presented an opportunity to open a store one block away that will compete with your current store:

	a.	None of the these
	b.	This might be a breach of your fiduciary duty to your partner
	c.	This is never okay, even if your partner gives his permission
	d.	This is always okay as you can do what you want in the United States

4) Mr. Smith, the janitor, makes a great agreement with IBM that will make UML Corp. 1 million dollars. He did not have any authority to enter this agreement. UML Corp. executives ratify Mr. Smith's entire agreement. Later IBM declines to move forward saying Mr. Smith had no authority to enter into the contract

	a.	IBM does not have to perform because Mr. Smith had no authority
	b.	None of the these
	c.	Mr. Smith was an agent by estoppel
	d.	UML Corp. ratified Mr. Smith's actions prior to IBM seeking to terminate, so the agreement is valid