1. The Officers of a corporation are responsible for overseeing the board of directors of a corporation. T F
2. Officers of a corporation are elected by the shareholders of the corporation since the shareholders are the owners of the corporation. T F
3. A sole proprietorship is very different from a corporation, a limited liability company (LLC), or a limited liability partnership (LLP), in that no separate legal entity is created and as a result, the business owner of a sole proprietorship is not exempt from liabilities incurred by the entity. T F
4. Able wants to either form a sole proprietorship. What makes forming/creating a sole proprietorship appropriate depends on the nature of the business. A sole proprietorship is best suited to small businesses with low risk and low profits. T F
5. A C corporation is required to hold at least one meeting each year for shareholders and directors. Minutes must be maintained to display transparency in business operations. It must keep voting records of the company's directors and a list of the owner's names and ownership percentages. Further, the business must have company bylaws on the premises of the primary business location. T F
6. An LP is a partnership made up of two or more types of partners: at least one general partner and at least one limited partner. The general partner oversees and runs the business while limited partners do not partake in managing the business. However, the general partner of a limited partnership has unlimited liability for the debt of the LP, and any limited partners have limited liability up to the amount of their investment. T F