Question 1 Sam is interested in forming a partnership and is conducting research into partnership agreements. Based on his reading of his Business Law textbook, one of the Not yet following statements is not correct. Choose the statement that is NOT CORRECT. answered Marked out of Select one: 1.00 O a. It is a good idea to create a partnership through evidence in writing. Flag O b. Even where parties clearly state in a contract that they are not partners, a partnership can still be found to exist by the courts. waysanh O c. Where parties clearly state in a contract that they are partners, this is conclusive evidence that a partnership has been created and the courts cannot find otherwise. O d. The circumstances in which the partnership will be dissolved is an important matter and should be included in a contract creating a partnership. Question 2 Locate the legislation in Alberta which applies to partnerships. Under this legislation, the Lieutenant Governor in Council may make regulations regarding the matters Not yet below, with one exception. Identify the EXCEPTION. answered Marked out of Select one: 1.00 O a. applications for registration of limited liability partnerships under Part 3. Flag b. imposing terms and conditions on limited liability partnership registration under Part 5 including, without limitation, regulations which authorize the Registrar to impose terms and question conditions. O c. establishing or providing for the manner of establishing fees to be charged in respect of anything done and any service or thing provided under this Act. O d. governing name requirements for Alberta LLPs. Question 3 One piece of legislation that applies to a federally incorporated company in Canada is the Canada Business Corporations Act ("CBCA"). Locate the CBCA. In fulfilling Not yet their fiduciary duty to the corporation under the CBCA, directors and officers may consider a number of factors. The list of factors specifically include all of the answered following, EXCEPT: Marked out of 1.00 Select one: Flag O a. the interests of employees. question O b. the economy. O c. the interests of retirees and pensioners. O d. the environment.Question 4 Information about business corporations is provided online by the Government of Canada. Go to the Not yet Corporations Canada page on the Government of Canada website and search "Benefits of answered incorporating". According to the information contained on this page, the benefits of incorporating Marked out of provincially and federally include: 1.00 Flag Select one: question O a. A corporation has limited life. b. A corporation can acquire assets, obtain a loan and enter into contracts, but it cannot be found guilty of committing a crime. O c. Corporations are taxed separately from their owners. O d. Corporations do not have the same rights as a real person. Question 5 After reading about corporations in the Business Law in Canada textbook, Ajay is considering the Not yet possibility of incorporating a corporation. Based on his reading, one of the following statements is answered true. Choose the statement that is TRUE. Marked out of 1.00 Select one: Flag a. A sophisticated client knows that it is always best to incorporate federally. question O b. While it is possible to incorporate a corporation at the federal level, it is not possible to incorporate at the provincial level. c. A corporation that is federally incorporated can carry on business in any part of Canada, provided it goes through the formality of registering extra-provincially in each province. O d. Generally speaking, a closely held corporation is one in which there are numerous shareholders
