Question 57 Under Part III - Registration of Alberta LLPs, of the Partnership Act, RSA 2000, c P-3, which of the following is true about identifying or listing the partners of a Not yet limited liability partnership (LLP)? answered Marked out of Select one: 1.00 a. The LLP has to keep a list of partners of the firm, but such list is always held confidential. Flag b. Anyone can ask for, and receive from the firm, a list of the names of the partners in an LLP for any point in time the LLP existed question O c. Anyone can ask for a list of the names of the partners in an LLP but only the current partners O d. One the Limited Partners of an LLP have to be identified in the firm's records Question 58 Kelly and her mother have decided to open a pizzeria. As Kelly's mother is very wealthy, she is concerned about personal liability. You therefore advise her to consider Not yet creating a limited partnership. If Kelly's mother does become a limited partner, which of the following could she do, without becoming personally liable for the debts of the answered business? Marked out of 1.00 Select one: Flag a. Participate in the management of the business. question O b. Insist that the pizzeria be named after her. O c. Contribute $10,000 to the business. O d. Contribute services to the business. Question 59 Which of the following is not an advantage of being a privately held corporation (usually all the shares are held by a small group of people and the shares are not Not yet traded on a stock market)? answered Marked out of Select one: 1.00 a. As a shareholder in a privately held corporation, selling your shares and no longer being involved with the corporation is easy and quick, you can get it done in a Flag day. question O b. You don't have to publicly publish the financial affairs of the corporation. c. You don't have to deal with a whole bunch of laws that apply to publicly traded companies, such as calling of shareholder's meetings, and executives of the company having to publicly announce when they sell shares. d. You don't have deal with a large number of shareholders who often have different arguments and complaints.Question 60 Which one of the following statements regarding Alberta corporations is FALSE? Not yet answered Select one: Marked out of O a. Shareholders can vote in a Board of Directors for a corporation. 1.00 O b. It is possible to be a shareholder and a director of a corporation at the same time. Flag question O c. The shareholders directly own the assets of the corporation, being things like land or equipment. O d. A corporation is a separate legal entity, existing separate and apart from the people who incorporate it. Question 61 Which of the following is not an advantage of being in a publicly traded corporation (shares of the company can be bought and sold in the stock market)? Not yet answered Marked out of Select one: 1.00 Flag O a. Being a publicly traded corporation is good if you want the corporation's information, like income statements or who the executives of the corporation are, to be kept confidential. question O b. There is a certain prestige to being a publicly traded, it makes you look like a big company. O c. If you own shares in a publicly traded corporation, you feel safer because there is a way to sell your shares if you ever want to do it. O d. It is easier to raise money since you can continue to sell shares to the general public. Question 62 You find a letter that is supposed to have been sent by your company that is obviously forged. The letter says a certain employee makes double the salary she actually makes. The Not yet letter is addressed to the bank, and it is being used to apply for a mortgage, and increase the chances of getting the mortgage since the bank thinks the employee is making way answered more than she really is. The employee denies she wrote this forged letter. As the lawyer for the companyemployer, you starting asking the bank questions, but the bank cites Marked out of privacy law as the reason why they can't give you any information about the employee. Which of the following questions can you ask, that the bank would be able to answer 1.00 without violating current private sector privacy legislation. And more importantly, prove that the employee actually conducted this fraud? Select the best answer. Flag question Select one: O a. Could you please provide us with a copy of the employee's mortgage application forms O b. Present them with the forged letter and ask was this the letter that the bank was expecting to receive? O c. Could you please tell us what the employee put as her income on her mortgage application form? O d. Has the employee been approved for the mortgage and how much is the house worth
