1.2.3.4.5.6.7.8.

In a closely held corporation, the shareholders lack a readily-available market into which they can sell their shares Select one: True False The number of "members" that can own an interest in a Limited Liability Company is limited to one hundred (100). Select one: True False A minor can appoint an agent to act on his/her behalf but lacks capacity to serve as an agent. Select one: True False A shareholder in a "C" corporation can only be subject to the effects of "double taxation" if some form of dividend distribution is made by the corporation to its shareholders. Select one: True False Once the plaintiff has filed a complaint, the defendant must file an Answer or Motion to Dismiss or risk a default judgement. Select one: True False On September 1, 2013, Claus, President of St. Nicholas Industries, verbally agrees to hire Rudolph as Interim Division Chief of the company's distribution operations, for a period of 9 months, employment commencing on December 15, 2013. When Claus later tries to back out of the contract, Rudolph sues for breach of contract. The contract is unenforceable because of the Statute of Frauds and Claus will successfully defend the lawsuit on that basis. Select one: True False Corporate officers are usually appointed and removed by the shareholders Select one: True False In a Chapter 7 bankruptcy proceeding, an automatic stay temporarily prevents further efforts by most creditors to enforce collection of their debts against the debtor. Select one: True False