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Disadvantages of Partnerships

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Questions and Answers

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?

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?

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?

To further a charitable or educational goal Signup and view all the answers

What is required for lawyers and licensed paralegals to practise together as a professional corporation?

A certificate of authorization Signup and view all the answers

What is the main difference between a private corporation and a public corporation?

Private corporations are owned by a few shareholders, while public corporations are owned by many shareholders. Signup and view all the answers

What is the main disadvantage of a partnership?

Unlimited liability Signup and view all the answers

What is the key feature that distinguishes a corporation from a partnership?

Separate legal entity Signup and view all the answers

What is the result if one partner becomes ill or dies in a partnership?

The partnership dissolves Signup and view all the answers

What is the historical origin of the concept of a corporation as a separate legal entity?

Salomon v. Salomon & Co. case Signup and view all the answers

What do shareholders of a corporation receive?

A share of the corporation's profits through the payment of a dividend Signup and view all the answers

What is the advantage of a corporation over a partnership in terms of liability?

No personal liability for owners Signup and view all the answers