BLAW2206

a Dirty to act In the best interests of the shareholders b bhut to manage the business cfans of he corporation c Duty to disclose ary conflicts of interest wih the corporation and not compete with the corporation it any san air businc d Duty to exercise the care, diligence and skills of a reasonably prudent business person With regard to limited partnerships, which one of the following is FALSE? Question 18 Select one a To maintain his protection from unlimited personal labitty, a lineed partner should not take active part in the management of the firm or include his name in the finn's name D. A limited partnership it in which & partner may left his kability to his capital comicuson C A limited partnership is formed once a certificate is completed by the partners and i's registered by the G. A limited partner has unlimited mobility for the debts of the firm Which one of the following concerning limited liability partnerships is FALSE? Question 19 Select one The Partnership Act allows limited liability partnerships to be formed, reducing personal sabaily of partners in certain professions o The professional must cotain a statement from her governing body that the LLP is on eligible promotion and Carries adequate insurance coverage If a partner if the supervisor of a negligent employee and fails to supervise that employer property ine "partial mobility spiceto" wil sal project her personal assets from sability An innocent partner remains Late for ordinary business debts of the timeed liability parmership, sven as cent for the business premises Which one of the following statements regarding Alberta corporations is FALSE? Question 20 elect one The shareholders own the assets of the corporation b A corporation comes into existence when the government issues its Certificate of Incorporation c. Generally shareholders owe no fiduciary duty to the corporation di Pursuant to various provincial and federal statutes, directors may face personal liability