1.If a majority shareholder has de facto control over a corporation, that individual may owe a fiduciary duty to minority shareholders in exercising that control.

a. True

b. False

2.Corporate directors and officers have a duty to act in the best interests of the corporation and of its shareholders as a whole, rather than the best interests of any specific shareholder.

a. True

b. False

3.The shareholders of a close corporation may use a shareholder agreement for the purpose of limiting the transfer of shares to outside persons and limiting the loss of management control.

a. True

b. False

4.Dissociation of an LLC member can be triggered by the member's voluntary withdrawal or by a court order applying dissociation standards set forth in an operating agreement or in the governing LLC statute.

a. True

b. False

5.A person who acquires a share of stock is part owner in the corporation.

a. True

b. False