A_________ is designed for professional service firms such as accountants. This form of business provides limits on personal liability of the partners and allows "pass through" tax advantages.

Question 1 options:

A)

Partnership

B)

Limited liability partnership

C)

Limited liability company

D)

Corporation

The business judgment rule means management will not be protected for their business decisions when the outcome turns out bad even if the decision was made in good faith.

Question 2 options:

A) True

B) False

The Securities Act of 1994 and the Securities Act of 2001 are designed to protect investors from deceptive, unfair and manipulative practices when buying or selling securities.

Question 3 options:

A) True

B) False

Undercapitalization is not one of the factors a court will consider when deciding to pierce the corporate veil.

Question 4 options:

A) True

B) False

Which of the following options does not allow for pass through taxation?

Question 5 options:

A)

General Partnership

B)

Limited Liability Partnership

C)

Limited Liability Company

D)

All of the above allow pass through taxation