QUESTION 25

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.

QUESTION 26

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.

QUESTION 27

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

   True

   False

QUESTION 28

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.