A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11 The type of liability where every party is only liable for their pro-rata share of the indemnity is called: O Joint Liability Several Liability Joint and Several Liability All of the above QUESTION 12 The Financing form where a company sells the Accounts Receivable due from its customers is called: Account Receivable Credit Line Factoring Asset Backed Loan SBA Loan Indemnity is a sum paid as compensation for a loss. O True O False QUESTION 14 The type of liability where the injured party can seek the full indemnity from any of the parties involved is called: Joint Liability Several Liability O Joint and Several Liability All of the above QUESTION 15 Collateral for secured debt can consist of all of the following except: O Accounts Receivable O Inventory Accounts Payable Fixed Assets The type of liability where every party is fully liable for the full amount of the indemnity is called: Joint Liability Several Liability Joint and Several Liability All of the above QUESTION 17 Operating Leases are usually for shorter periods of time and generally have smallish monthly payments. True False QUESTION 18 SBA Loans will not be granted to a company with: Adequate Collateral Adequate Cash Flow to service the loan A Decent Credit Record Inexperienced Management