AaBbCcDc AaBbCcD AaBbC AaBbCi AaBb ||"Normal 1NoSpac Heading 2 Title |E-lg- Heading 1 , x' . Av2-n. - Styles Paragraph Font 52. The Truth In Lending Act-( TILA"- applies to consumer loans only in the amount of $25,000 or less. 53. A subchapter() corporation is a perfect form of business for investors from China since it would allow a pass 54. An LLC eannot own real property in Arkansas. S5. A general partnership limits the liability of the general partaers to only the amount of their investment True False through for tax purposes for both profits and losses. True False True False True False 56. An advantage of an LLC over a corporation is that an LLC is not required to hold annual shareholder and director meetings. True False 57. Corporations are designed to go on forever while an LL C can have an expiration date set into its operating agreement True False 58. The Members in an LLC are prohibited from also acting as managers or officers in control of the activities of the LLC True False 59. It is perfectly acceptable for a small family beld corporation to have shareholders who are also officers and directors True False 60. The doctrine of "piercing the corporate veil does not apply to a small, family held corporation 61. A corporation must distribute all profits it takes in to its shareholders in the form of dividends True False True False 62. At the annual shareholders meeting, the corporation's shareholders are charged with electing the officers to run True False