Podcast
Questions and Answers
What was Aron Salomon's occupation before incorporating his business?
What was Aron Salomon's occupation before incorporating his business?
- Business consultant
- Shoe manufacturer (correct)
- Accountant
- Lawyer
Why did Aron Salomon lend money to his business?
Why did Aron Salomon lend money to his business?
- To pay his family members' salaries
- To buy new equipment for the business
- To pay off other creditors
- To raise money for the business (correct)
What was the court's decision in the Salomon v. Salomon case?
What was the court's decision in the Salomon v. Salomon case?
- The corporation was only a separate legal entity from its creditors.
- The corporation was not a legal entity at all.
- The corporation was a separate legal entity from its shareholders. (correct)
- The corporation was not a separate legal entity from its shareholders.
What is the main purpose of a not-for-profit corporation?
What is the main purpose of a not-for-profit corporation?
What is required for lawyers and licensed paralegals to practise together as a professional corporation?
What is required for lawyers and licensed paralegals to practise together as a professional corporation?
What is the main difference between a private corporation and a public corporation?
What is the main difference between a private corporation and a public corporation?
What is the main disadvantage of a partnership?
What is the main disadvantage of a partnership?
What is the key feature that distinguishes a corporation from a partnership?
What is the key feature that distinguishes a corporation from a partnership?
What is the result if one partner becomes ill or dies in a partnership?
What is the result if one partner becomes ill or dies in a partnership?
What is the historical origin of the concept of a corporation as a separate legal entity?
What is the historical origin of the concept of a corporation as a separate legal entity?
What do shareholders of a corporation receive?
What do shareholders of a corporation receive?
What is the advantage of a corporation over a partnership in terms of liability?
What is the advantage of a corporation over a partnership in terms of liability?
