A corporation is considered a separate and legally recognized "person" for most state laws True O False What is the definition of a closely held corporation? A corporation where the profits are paid out to shareholders as dividends. A corporation whose stock is bought and sold on exchanges such as the New York Stock exchange A corporation who is solely not-for-profit. none of the above A sole proprietorship is a limited liability business entity operated by one person. O True O False Which of the following is NOT a limited liability business entity? O LLC O Corporation O Partnership O Professional Corporation To form a sole proprietorship an individual must file the appropriate forms within the state of residence of the owner. O True O False Which of the following is NOT an example of possible exempt property for an unlimited liability business entity? O Home equity O Retirement accounts O Personal savings accounts O none of the above.
