48. Limited partners are similar to corporate shareholders in that

a. both have unlimited liability.

b. neither have any liability.

c. both are only liable to the extent of their investment.

d. there must be one general partner.

e. none, there are no similarities.

49. Generally, limited partners lose their limited liability status by

a. being a limited partner in another partnership.

b. denying association with the partnership.

c. participating in managerial decisions in the partnership.

d. being a partner in another partnership or by participating in managerial decisions in the partnership.

e. failing to file a federal informational tax form.

50. Corporations are created according to

a. state law.

b. common law.

c. the Uniform Incorporation Act.

d. the U.P.A.

e. federal law.

51. The __________ are the rules that regulate and govern the internal operations of the corporation.

a. the certificate of incorporation

b. the bond

c. the bylaws

d. statutes of business

e. the corporate constitution

52. A corporation is recognized under both federal and state law as a person and

a. enjoys all of the rights and privileges of U.S. citizens.

b. enjoys many of the rights and privileges of U.S. citizens.

c. enjoys none of the rights and privileges of U.S. citizens.

d. can vote and hold an elected office.

e. none of the above