Partnership and Corporation Mastery Test

A promoter is a person who represents the shareholders in corporate decision-making.

A promoter is a person who oversees the day-to-day operations of a corporation.

A promoter is a person who ensures compliance with tax regulations within a corporation.

A promoter is a person who invites investors and subscribers before the formation and organization of a corporation. (correct)

The maximum term of corporate existence has been standardized to 75 years.

The maximum term of corporate existence has been extended to 100 years.

The maximum term of corporate existence has been reduced to 50 years.

The maximum term of corporate existence has been removed. (correct)

Directors have lifetime appointments, while trustees have fixed-term appointments.

Directors are appointed by shareholders, while trustees are appointed by the government.

Directors compose the governing board of a stock corporation, while trustees compose the governing board of a non-stock corporation. (correct)

Directors are responsible for financial audits, while trustees are responsible for legal compliance.

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