In a limited liability partnership, the partners' liability for professional malpractice is Multiple Choice 0 equally shared by the individual partners limited tn the pannership relegated to a trust fur tax purposes determined by state statute 0000 determined by the articles of organization If the third party reasonably believes that the agent has authority to represent the principal, the principal any agreements made with the agent, who has apparent authority. Multiple Choice O must uphold O can elect to uphold O can void O can rescind O must pay punitive damages forWhen directors or officers violate their duty of loyalty, they are Multiple Choice O self-dealing O breaching their duty of care O breaching their duty of loyalty O piercing the corporate veil O subrogatingWhich of the following is false regarding a principal's duties to an agent? Multiple Choice O An agent can sue the principal if the principal does not fulfill the duties owed to the agent. O In a successful suit against a principal, an agent is entitled to contract remedies but not tort remedies. O If a principal has failed to fulfill the duties owed to the agent, the agent can refuse to act on behalf of the principal until the failure is remedied. A principal has a duty to compensate his or her agent for services provided unless the parties have agreed that the agent will act gratuitously. O A principal has a duty to reimburse and indemnify the agent for authorized expenditures.Dylan and Marie created a private corporation for the purposes of developing new embroidery designs to sell to manufacturers. Their company is a(n) corporation. Multiple Choice O public private O agency O publicly-traded O de factoWhich of the following is a process that involves a limited liability company (LLC) filing a certificate of authority or a similar document and getting a business license in each state in which the LLC plans to operate (other than the state in which it was formed)? Multiple Choice Incorporation O Qualification O Substantiation O Matriculation O CertificationWhich of the following is true regarding corporations other than S corporations? Multiple Choice O A corporation does not have an identity separate from its owners (i.e., its shareholders). O A corporation may not sue on its own behalf or be sued. O A corporation is created according to federal, not state, law. O A corporation's shareholders are typically liable for its debts. O A corporation's shareholders must pay taxes on dividends they receive from the corporation