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A close corporation is a small corporation, however a close corporation must have 2 or more shareholders because the shares of close corporations cannot be held by a single individual.

The Duty to make Informed Decisions requires officers and directors stay informed in all corporate matters.  It also requires “due diligence”.  This is the duty to do all the following except:

There are 3 conditions that must be present for a De Facto corporation to be recognized including all the following except:

The greatest advantage of the corporate form of business is:

Limited liability generally means that ownership and management are separated and the owner’s ______________.

Limited liability generally means that ownership and management are separated and the owner’s ______________.

For a business to be a pass-through business entity for taxation purposes:

Limited liability generally means that ownership and management are separated and the owner’s ______________.

A limited liability company has the advantages of partnerships and corporations.  This means a shield of liability that protects members from LLC debts and obligations and for taxation purposes the LLC:

Although there are many other advantages in choosing to form an LLC, there are also many disadvantages.