CAN YOU PLEASE ONLY ANSWERS NON EXPLANATION IS REQUIRED

1. One advantage of the limited liability company form, with respect to tax options, is

	a.	that it is exempt from tax at the state level.
	b.	that it has limited legal liability.
	c.	that it can be taxed as a partnership or as a corporation.
	d.	that it has zero tax liability.

Two unaffiliated corporations intend to merge. The merger plan must be approved by

	a.	their shareholders only.
	b.	neither their boards of directors nor their shareholders.
	c.	their boards of directors and their shareholders.
	d.	their shareholders only.

1. Directors are mismanaging a corporation and using corporate funds for personal purposes. If the shareholders are successful in a shareholder's derivative lawsuit against these directors, the proceeds (money) from the lawsuit will go to

	a.	the corporation.
	b.	the directors.
	c.	the officers.
	d.	the shareholders.

A corporation with few shareholders that operates in a manner similar to a partnership is referred to as a close corporation. True False

1. Each member of a limited liability company is liable for company debts

	a.	in proportion to the total number of members.
	b.	in the amount of each members capital contribution to the limited liability company, but not more.
	c.	in the full amount.
	d.	only if the other members do not pay their debts.

1. All partners in general partnerships have the rights below, except

	a.	to bring an action for an accounting.
	b.	to inspect partnership records.
	c.	to participate in management.
	d.	to receive a salary.