Answer the following question:

Promoters are individuals who form the corporation, and often receive stock in exchange for their efforts. Ture/False

An advantage of a partnership over a corporation is that an interest in a partnership can be freely traded in the open market. Ture/False

The state of Delaware offers corporate-friendly laws in order to incentivize companies to incorporate in Delaware Ture/False

A corporation, like a natural person, is entitled to due process under the law. Ture/False

If corporate officers do not follow corporate formalities like holding annual meetings or filing reports with the state, those corporate officers could lose the limited liability protection of the corporate form. Ture/False

A corporation must be headquartered in the same state where it is incorporated. Ture/False

If a shareholder in a corporation is not able to physically attend an annual meeting in which a vote takes place, the shareholder may designate another person to be their proxy to vote for them at the meeting. Ture/False

Shareholders in a corporation elect the CEO and key executives of the corporation but not the board of directors. Ture/False

The Sarbanes-Oxley Act of 2002 was enacted to curb fraudulent accounting practices. Ture/False

A director of a corporation owes a duty of loyalty and a duty of care to the corporation and its stockholders. Ture/False