Question: True or False 16._____ It is never possible for a corporate officer to be personally liable for the debts and obligations of the corporation. 17._____

True or False
16._____ It is never possible for a corporate officer to be personally liable for the debts and
obligations of the corporation.
17._____ An Illinois corporation may have as few as One (1) shareholder.
18._____ The death of a Shareholder will cause an automatic dissolution of a Corporation,
by operation of law.
19._____ An Illinois corporation must have at least Five (5) Directors on the Board.
20._____ Only the Shareholders of a corporation vote to elect the Board of Directors.

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