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What is the most common type of firm in Canada and the world?

Question 12 options:

sole proprietorships
partnerships
limited partnerships
corporations
limited liability partnerships

Question 13 (2 points)

Joe is a general partner in a limited partnership firm, while Jane is a limited partner in that same firm. Which of the following statements regarding their respective relationships to the firm is correct?

Question 13 options:

Joe has no management authority within the partnership.
Jane is legally involved in the managerial decision making of the firm.
Jane's liability for the firm's debts consists solely of her investment in the firm.
Withdrawal of Jane from the partnership will dissolve that partnership.
Jane's liability consists of all the firm's outstanding debts.

Katie owns 12.5% of the stock of the Gimli Corporation. The tax rate on dividend income is 24%. If Gimli makes a dividend payment of $25,000,000 paid proportionally to its shareholders, how much of this amount would Katie receive after taxes?

Question 14 options:

$750,000
$2,375,000
$3,125,000
$6,000,000
$19,000,000
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