4. Which of the following statement(s) is/are true concerning a limited partnership:

A. Limited partners have limited liability for business debts as long as they don't actively participate in the operation of the business.

B. The general partners are personally liable for debts and obligations of the partnership

C. All of the above

D. The Limited partnership usually consists of one or more general partners and a limited partner

5. Under Rhode Island Law, the name chosen by a Corporation or Limited Liability Company must be distinguishable on the records of the Secretary of State in order to be approved.

A. True

B. False

6. All of the following are true statements regarding the formation of a corporation except:

A. Stock certificates should be issued to each shareholder

B. The incorporation appoints the first board of directors

C. The bylaws need not be adopted until year five of the corporate existence

D. The initial board of directors designates and appoints the corporate officers