1. Broadly speaking, under what circumstances can you issue securities without registering with the SEC?
A. When the buyers are venture capital or "Angel" investors.
B. When the issue is on a large exchange and all the relevant information is made public.
C. When the issue is small or when the securities are offered only to sophisticated investors.
D. Never. All securities issues must be registered with the SEC.
2. Which of the following is not one of the things that causes a corporation to have a significant advantage over a partnership or proprietorship.
A. Limited Liability
B. Ease of transfer
C. Unlimited Life
D. Elimination of double taxation
E. Ability to retain earnings and thus convert income from personal income to capital gains