Question 54 Which one of the following statements about forms of business organization is TRUE? Not yet answered Select one: Marked out of O a. A sole proprietor is exempt from laws governing business licences and income tax. 1.00 O b. Only corporations are vicariously liable for the torts of its employees. Flag question O c. Both sole proprietors and partners in a regular partnership face unlimited personal liability. O d. Registration is required to create all forms of business organization. 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 O 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 O b. A corporation requires the involvement of a minimum of three individuals and capitalization of at least $10,000. Flag question O c. Partners can be vicariously liable for the misconduct of their partners. O d. A corporation is legally separate from its shareholders, so shareholders usually enjoy limited liability. Question 56 Which one of the following statements regarding Alberta corporations is FALSE? Not yet answered Select one: Marked out of O a. A corporation is a separate legal entity, existing separate and apart from the people who incorporate it. 1.00 O b. The shareholders directly own the assets of the corporation, being things like land or equipment. Flag question O c. It is possible to be a shareholder and a director of a corporation at the same time. O d. Shareholders can vote in a Board of Directors for a corporation