9 1 A general partnership exists if the partners: have an equal right to be involved in management of the business. share profits and losses. own the business jointly. all of these choices. 10 19 In a corporation, the responsibility for the overall management of the firm is entrusted to: a board of directors, whose members are elected by the shareholders. the corporate officers, who are elected by the shareholders and who employ others to run the operations of the corporation. the shareholders, who meet regularly to make corporate decisions. the employees, who meet regularly to make corporate decisions. 11 15 Ali and Bud hold the first organizational meeting of Caf Corporation. Probably the most important function of this meeting is: chartering Caf. agreeing on Caf's purpose. O adopting Caf's bylaws. drafting Caf's articles of incorporation. 12 1 Common stock: has the lowest priority with respect to distribution of assets or dividends on the corporation's dissolution or in the event of a distribution. have no voice in, or control over, management of the corporation. has priority over preferred stock shares as to payment of dividends. can be exchanged for a specified number of shares of preferred stock under certain conditions