Please answer true or false to the following statements below:

The owners of a Limited Liability Company are called General Partners.

The Officers of a Business Corporation cannot be fired by the Board of Directors.

A Principal is not legally liable for the negligence of one of his independent contractors.

Both employees and independent contractors are entitled to indemnification from their Principal.

In most States, limited partners in a Limited Partnership are allowed to actively participate in daily management of the limited partnership.

General Partners are usually responsible for management in any type of Partnership business.

In a Limited Liability Company, some state laws, like New York, allow management to be outsourced to a third party.

Shareholders are the owners of a Business Corporation, for example Steve Jobs did not own Apple Computers, the corporation was owned by Apple shareholders.

The Board of Directors of Apple fired Steve Jobs and removed him as CEO.

Both employees and independent contractors work at the request of and on behalf of the Principal and both are agents of the Principal.