Question 2 (1 point) Which of the following is true in regards to being a general partner? A partner is liable for only the amount that he or she invested in the partnership firm. O Every general partner faces limited liability for the debts of the partnership. Each partner is an agent for every other partner and of the firm itself, so a partner may be liable for the contracts made by an incompetent partner. O A partner is liable to pay from their personal assets only when the partner has committed a criminal act. Question 3 (1 point) Which of the following is true with regard to the characteristics of corporations? O The shareholders would be vicariously liable for any damage caused by an employee of the corporation carrying out their duties. A shareholder's liability is limited to the amount they paid for the shares. O Shareholders are liable for the debts and other obligations of the corporation. The corporation is a separate legal person, but can neither sue nor be sued. Question 4 (1 point) Which of the following is the proper definition of a partnership as set out in the Partnership Act? A partnership exists where two or more persons carry on business together with a view towards profits. A partnership exists where any business is carried on with a view towards profits. O A partnership is created where a corporation with shareholders is registered with the federal government. A partnership exists only where two or more people enter into a written agreement to be partners. Question 5 (1 point) Which of the following is considered to be a separate legal person in law? A sole proprietorship A partnership A corporation A professional practice