Paragraph Styles 42. Arkansas permits an unincorporated entity to own real property in the state True False 43. A partnership must be in writing to be enforceable. True Fase 44. For tax purposes, a Limited Partnership is a separate entity from its partners and will be taxed separately True False 45. An advantage of an LLC over a corporation is that a termination date for the entity can be stated in its operating agreement True False 46. The Limited Partners in a Limited Partnership are not prohibited from also acting as managers or officers in control of the activities of the partnership. True False 47. Most states require a minimum of 5 directors if there are 3 or more shareholders in a corporation True False 48. Corporations are not required to hold annual meetings so long as their accounting systems conform to standard accounting practices True False 49. A corporation that fails to issue paper stock certificates to its shareholders violates the SEC rule of conduct and will subject its officers to criminal liability True False 50. A dividend is a distribution of corporate profits or income to shareholders True False 51. A corporation can be dissolved by a court if the directors are deadlocked and the corporation is unable to function as a resulft True False 52. The Truth In Lending Act -CTILA")- applies to consumer loans only in the amount of $25,000 or less. True False