1. Ben and Jennifer are forming a Limited Liability Company. The Limited Liability Company Statute
2. Tweedle Dee and Tweedle Dum invent an app that gives people a small electric shock if they start daydreaming. To become a corporation, they must
3. John, Joan, Janet, and Jean are siblings and each owns 25% of the family corporation. They are also directors and officers of the corporation. At Sunday family dinners they often talk about the business. Sometimes, when a relative needs money, the corporation "lends" the cash - interest free. If a creditor sues them personally to recover corporate debt, a court is likely to
4. After taking a graphics class, college juniors Dwight and Michael create and sell mousepads with pictures of everyone's favorite professors. The first semester they lose money investing in material and advertising. But by the third semester they have a small profit of $300. Michael, who did the design work, believes he is entitled to all of it. Dwight disagrees and claims they are partners. Which of the following is true?