1) Which statement is accurate concerning corporate structure:

Select one:

a.Shareholders elect directors

b.Officers elect directors to oversee the day to day operations of the corporation

c.Directors take their orders from officers regarding day to day operations of the corporation

d.Shareholders elect officers to run the day to day operations of the corporation

2) A limited partner may perform each of the following and still maintain his/her limited status EXCEPT:

Select one:

a.Determine compensation for the partners

b.Be a consultant to the partnership

c.Act as a surety to the partnership

d.Be an agent, employee or contractor of the partnership

3) A Limited Liability Partnership has each of the following features except:

Select one:

a.No general partners

b.Usually restricted to certain professions like doctors or lawyers

c.No requirement for filing a partnership return

d.Partners can only lose their capital contributions