BUSINESS-ENVIRONMENT-AND-CONCEPTS Web TestEngine demo

Stockholders may be entitled to vote on corporate matters but limited partners are prohibited from voting on any partnership matters.

Stock of a corporation may be subject to the registration requirements of the federal securities laws but limited partnership interests are automatically exempt from those requirements.

Directors owe fiduciary duties to the corporation and limited partners owe such duties to the partnership.

A corporation and a limited partnership may be created only under a state statute and each must file a copy of its organizational document with the proper governmental body.