True or False. Courts often lean heavily on corporate law and apply it by analogy to other business forms.

• True
• False

True/False: Directors, not shareholders, share in the corporation's profits.

• True
• False

True or False. Shareholders share in the corporation's profits, usually through dividends that corporations declare each quarter.

• True
• False

True/False. Shareholders are generally liable for the obligations of the corporation.

• True
• False

True/False. Sole proprietors are generally liable for the obligations of the business.

• True
• False

True/False. Partners are generally liable for the obligations of the partnership.

• True
• False

True or False. The losses incurred by a shareholder of a corporation are generally limited to the amount invested.

• True
• False

True or False. Limited liability is a fundamental aspect of corporate law that protects shareholders from being personally liable for the debts and obligations of the corporation.

• True
• False

True or False. Sixty percent of all publicly traded corporations are New York corporations, because that is were Wall Street is.

• True
• False

What is the primary reason why law students typically focus on learning corporate law rather than laws of other business forms?

• Corporate law is simpler and easier to understand.
• Corporate law applies universally to all business forms.
• Courts often apply corporate law by analogy to other business forms.
• Other business forms do not have legal significance.