2026 CLFP Recertification Quiz #1: Business Entities Refresher CLFP Recertification: Quiz #1: Business Entities Refresher 1. Which is a key characteristic of a C Corporation? * Only non-profit activities Owned by one individual Limited to 100 shareholders No limit on the number of shareholders 2. Which type of entity is typically formed for specific projects? * Trust Joint Venture Municipality Association 3. Which type of corporation elects to be taxed like a partnership under IRS guidelines? * Non-profit Corporation S Corporation C Corporation Professional Corporation 4. Which entity type is governed by Operating Agreements and can be managed by managers or members directly? * Sole Proprietorship Corporation General Partnership Limited Liability Company 5. Which is a key feature of Limited Liability Partnerships (LLPs)? Owned by shareholders Only for non-profit activities Provides liability protection like LLCs Limited to 10 partners Name * Name First First Last Last Email - MUST MATCH THE EMAIL YOU RECEIVED YOUR INSTRUCTIONS * Submit If you are human, leave this field blank.
