Which of the following statements is NOT correct?Group of answer choicesIncorporated associations can sue and be sued under their own nameIncorporated associations have a restriction on the ability to carry on a business or a tradeIncorporated associations can enter into contractsThe committee members in an incorporated association are generally liable for the debt of the associations

Which of the statements is incorrect?Group of answer choicesStockholders are liable only to the extent of their investment as represented by the shares subscribed by them.A corporation is created by law or by operation of law.A stockholder has the right to transfer his shares without prior consent of the other stockholders.A stockholder is liable personally for corporate debts to third persons.

Which of the following statements about companies is not true?Group of answer choicesIt can enter into contracts in its own name.It can sue and be sued.It is a separate tax-paying entity.It must be dissolved when a partner dies or retires.

Which of the following statements is false:Group of answer choicesPartnerships are limited to 200 individual partnersA sole trader has unlimited liability as its only one personNone of the statements are falseOnly some companies have their shares traded on the share market

Which of the following statements is correct?Group of answer choicesThe legal duties for directors under Corporation Act and CATSI Act are different.

Which of the following statements is INCORRECT?Group of answer choicesPartners have a duty to act in good faith in the best interests of the partnershipPartners are agents of each otherPartners receive a share of the product of the undertakingPartners are jointly liable for contract entered into on behalf of the partnership