Fundamental Changes

1) An LLC differs from a sole proprietorship in that it ________.

A) gives nonmanager members rights to manage a manager-managed LLC’s business affairs

B) is less complex and costly to form than a sole proprietorship

C) can be owned by one owner in most states and can thus obtain limited liability

D) requires at least one member who is personally liable for the obligations of the partnership

2) Owners of a corporation who elect the board of directors and vote on fundamental changes in the corporation are known as ________.

A) spectators

B) shareholders

C) electors

D) associates

3) Which of the following is true of liabilities of LLCs?

A) Members of the LLC are liable to the extent of their capital contribution.

B) Managers of LLCs are personally liable for the debts, obligations, and liabilities of the LLC.

C) LLCs are not liable for any loss or injury caused by their employees.

D) LLCs are not liable for losses caused due to negligence of their managers during the ordinary course of business.

4) How are the justices of the U.S. Supreme Court appointed?

A) They are nominated by the President and confirmed by the Senate.

B) They are directly appointed by the President of the United States.

C) They are nominated and confirmed by the Chief Justice of the Supreme Court.

D) They are nominated by the Associate Justices and confirmed by the Chief Justice.

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