11. A Limited Liability Corporation is a business entity form that combines the advantages of the corporation and the partnerships forms. a. True b. False

12. For tax purposes, a Limited Liability Corporation may elect to be treated as a partnership. a. True b. False

13. The Limited Liability Corporation may elect to be manager managed rather than member managed which means that only authorized members may legally bind the corporation. a. True b. False

14. Each partner has a separate capital and withdrawal account. a. True b. False

15. The chart of accounts for a partnership, with the exception of drawings and capital accounts does not differ from the chart of accounts for a sole proprietorship. a. True b. False