Q Question 1 2 / 2 pts If partners wish to maintain having protection against personal liability, it is essential to comply with all the technicalities of a limited liability partnership statute. Question 2 2 / 2 pts Corporations have perpetual existence. Question 3 2 / 2 pts To be a closed corporation, the business must be small, with no more than 20 owners, trade its stock publicly, and have no more than $500,000 in gross annual income. Question 4 2 / 2 pts A partnership is a taxable entity, separate from the partners. Question 5 2 / 2 pts Limited liability is a major advantage of a partnership as compared to a corporation.

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