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Which, if any, of the following statements is (are) correct?
1. In order to form a partnership, there must be two individuals.
2. In order to form an LLC, there must be two individuals.
Select one:
a. 1 only.
b. 2 only.
c. Both 1 and 2.
d. Neither 1 nor 2.
Question 18
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Which of the following persons, if any, is (are) not a party to a trust?
1. Trustee
2. Beneficiary
Select one:
a. 1 only.
b. 2 only.
c. Both 1 and 2.
d. Neither 1 nor 2.
Question 19
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A minority non-employee shareholder in an S corporation:
1. Receives compensation when the corporation declares a dividend.
2. Votes for the Board of Directors at the annual shareholders meeting.
3. Receives a K-1 annually in order to prepare a personal income tax return.
4. Reports on a personal income tax return a pro-rata share of corporate profits or losses.
Select one:
a. 1 and 3.
b. 2 and 4.
c. 1, 2, and 3.
d. 1, 2, 3, and 4.
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