Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Directors of corporations may be personally liable in certain situations. In which one of the following situations is a director not personally liable? Select one:

image text in transcribed

Directors of corporations may be personally liable in certain situations. In which one of the following situations is a director not personally liable? Select one: a. Six months of employee wages, if the corporation cannot pay. b. A share purchase by the corporation when the corporation is insolvent. c. Unpaid accounts owed by the corporation to its supplier. d. Liability as specified in various statutes, both federal and provincial. The following are statements about the legal relationship of partners in general partnerships. Identify the true statement. Select one: a. Partners are protected from personal laibility for the debts of the firm. b. Each partner is an agent for the other partners. c. A partnership is only formed when those wishing to form a partnership sign express agreement to share profits from an ongoing business. d. The Partnership Act defines a partnership as "two persons sharing profits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance Society And Sustainability

Authors: Nick Silver

1st Edition

1137560606, 978-1137560605

More Books

Students also viewed these Finance questions