1. Treasure, Inc. is a corporation with 50 shareholders, all U.S. citizens, but it is taxed like a partnership. Treasure, Inc. is

	a.	a tax-free entity.
	b.	a nonprofit corporation.
	c.	an S corporation.
	d.	a benefit corporation.

When shareholders do not approve of a proposed merger, they may be able to exercise their rights of

	a.	consolidation.
	b.	preemption.
	c.	refusal.
	d.	appraisal.

Children's Hospital, Inc. is set up under Section 501(c)(3) of the IRS code and receives preferential tax treatment because of its charitable mission. Children's Hospital, Inc. is a

	a.	publicly-held corporation.
	b.	nonprofit corporation.
	c.	private corporation.
	d.	close corporation.

1. Alex joins an existing general partnership. A partnership debt incurredbefore his admission to the partnership comes due. Alex is

	a.	personally liable to the full amount of that debt.
	b.	only liable for that debt up to the amount of his capital contribution.
	c.	personally liable for that debt only if the other partners do not pay.
	d.	not liable for that debt.