Which statement summarizes the significance of the landmark case Salomon v. Salomon Ltd., [1897] AC 22 (H.L.)? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The decision established that corporations with only one shareholder should not be seen as separate entities from their owners. b This case stands for the proposition that the owners of corporations have unlimited liability except in jiery rare circumstances. The decision confirmed the right of a shareholder to also be a creditor of the corporation d It was recognized that shareholders who use the corporation in order to commit fraud may do so with impunity. Why would a corporation wish to incorporate federally rather than provincially? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The corporation wishes to conduct business in Quebec and some of the shareholders reside in Alberta. b The corporation wishes to conduct business in more than one province or internationally, The proposed name of the corporation is already being used by another provincially incorporated business. d The corporation wishes to sell securities on the Toronto Stock Exchange. Which statement best describes a corporation that has only one type and class of shares? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The shares must entitle the shareholder to participate in elections of directors. b The shares must be preferred shares. The number of shares that can be sold will always be unlimited. d The shares must include the right of first refusal. What is the difference between a closely held corporation and a widely held corporation? Select an answer and submit. For keyboard#avigation, use the up/down arrow keys to select an answer. a Shareholders in a closely held corporation must be closely related, whereas shareholders in a widely held corporation are not restricted. b Closely held corporations must be regulated by securities legislation, whereas widely held corporations are not regulated by securities legislation. Shares in a closely held corporation are not issued to members of the public, whereas shares in a widely held corporation may be issued to the general public. d Shareholders in a closely held corporation are never allowed to transfer their shares, whereas shares in a widely held corporation are transferrable