Question 53 Which one of the following statements about forms of business organization is TRUE? Not yet PEJEMSUE Select one: Marked out of O a. Only corporations are vicariously liable for the torts of its employees. 1.00 O b. Registration is required to create all forms of business organization. P Flag question O c. Both sole proprietors and partners in a regular partnership face unlimited personal liability. O d. A sole proprietor is exempt from laws governing business licences and income tax. Question 54 All of the following are true statements about disadvantages of sole proprietorships, except one. Identify the EXCEPTION. Not yet PEJEMSUE Select one: Marked out of O a. It is difficult and expensive to file the required registration documentation. 1.00 b. Sole proprietors are exposed to unlimited personal liability, and vicarious liablility applies, with respect to tortious actions by employees. F Flag question O c. It may be difficult for a sole proprietorship to raise capital. O d. Profits earned by a sole proprietorship are considered personal income, for tax purposes. Question 55 All of the following statements about forms of business organization are true except one. Identify the EXCEPTION. Not yet answered Select one: Marked out of a. At its most basic, a partnership is a relationship that exists between persons carrying on business in common with a view to a profit. 1.00 b. A corporation requires the involvement of a minimum of three individuals and capitalization of at least $10,000. Flag question c. Partners can be vicariously liable for the misconduct of their partners. d. A corporation is legally separate from its shareholders, so shareholders usually enjoy limited liability.Question 56 Which of the following does not describe limited liability partnerships? Not yet answered Select one: Marked out of O a. Still has a general partner, like in a Limited Partnership 1.00 b. The name of a limited liability partnership must include the term "Limited Liability Partnership," or "LLP," or the French language equivalent. P Flag question O c. Will only be available to professionals, like lawyers, accountants and medical professionals. O d. Provides limited liability to ALL partners of the firm