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Time left 0:49:27 Which one of the following statements regarding Alberta corporations is FALSE? Select one: a. Pursuant to various provincial and federal statutes, directors may face personal liability. b: The shareholders own the assets of the corporation. c. A corporation comes into existence when the government issues its Certificate of Incorporation. Old. Generally, shareholders owe no fiduciary duty to the corporation. Barry and his father have decided to open a store for mountain climbers, specializing in equipment for climbers. The following situations lead one to conclude that a partnership exists between Barry and his father. There is one exception. Identify that EXCEPTION. Select one: a. Barry borrows money from his father to start the business, and agrees to repay the loan by paying his father 20% of the profits each month. b. Barry and his father agree to share the profits from the business. O c. Both Barry and his father contribute capital to establish the business. O d. Barry and his father share the management responsibilities of the business. Which one of the following statements about partnerships is FALSE? Select one: a. Partners can limit their liability to outsiders simply by signing a partnership agreement that declares that partners are not liable for partnership debts. b. If the partners do not have a partnership agreement, the provisions found in the Partnership Act will apply. c. Partnerships can be created by the parties simply through their conduct. O d. A partnership can be dissolved or ended in a variety of ways, for example the death or bankruptcy of a partner. With regard to limited partnership, which of the following statements is false? Select one: a. A limited partner who takes an active part in the management of the firm becomes liable for the firm's losses together with the other general partners. b. A limited partnership is formed once a certificate is completed by the partners and is registered by the Registrar. c. A limited partner has unlimited liability for the debts of the firm. O d. A limited partnership is an arrangement in which a partner may limit his liability to his capital contribution. 10 Which one of the following would not be able to carry on business as a limited liability partnership in Alberta