1.What is/are the primary reason(s) for forming a limited liability company ("LLC")?

a.The liability of members is limited to the amount of their investments.

b.The double taxation of corporations is avoided.

c.State LLC statutes are uniform

d.All of the above.

e.a. and b.

2.What is true about"S corporations"?

a.The "S corporation" can have more than one hundred shareholders.

b.The "S corporation" can have multiple classes of stock.

c.The "S corporation" can be a non-domestic corporation.

d.All of the above.

e.None of the above.

3.What is true about the malpractice liability of professional corporations ("PC"s)?

a.Some courts hold each professional liable for the any malpractice committed by others in the firm within the scope of the firm's business.

b.The shareholders do not have to be licensed professionals.

c.A shareholder can be held responsible for all of the torts committed by other professionals in the firm.

d.All of the above.

e.None of the above.

4.If the parties to a dispute agree to non-binding arbitration, what is true?

a.An arbitrator will make the decision.

b.The decision is legally binding.

c.The decision is not legally binding.

d.a. and b.

e.a. and c.

5.Venue refers to the most appropriate location for a trial and may include consideration of:

a.Where the parties reside.

b.Where the event leading to the dispute took place.

c.Where the property, that is involved in the dispute, is located.

d.All of the above.