Question

1. A corporation in which the shareholders are likely to serve in multiple roles is?

1. a close corporation.  
2. a publicly traded corporation.  
3. a public corporation.

2. Miranda owns bayside property. For a fee, she allows individuals to fish on her property, limiting the catch to two fish that can be taken from the property. The individuals using her property do so by virtue of?

1. Easement   
2. Profit in Gross
3. Lease

Answer 1

1) A close corporation is one in which is not publicly traded and only a limited number of shareholders own the company. There is no requirement of a board of directors and shareholders exercise greater autonomy and rights and work in multiple roles.

Hence, correct option is (a)

2) Easement is a right to enter and use real estate property of another person without any possession rights. The owner may allow such use of his property for a fee.

Hence, correct option is (a)