Joe Is the Promoter of New Corporation (NC)

question 26

Multiple Choice

Joe is the promoter of New Corporation (NC) .He entered into various preincorporation contracts.NC was properly formed on January 1,2006.As a result:

• A)Joe is no longer personally liable on those preincorporation contracts.
• B)NC is automatically liable on those preincorporation contracts.
• C)Joe is jointly and severally liable on preincorporation contracts.
• D)Joe is not liable because NC released him from personal liability.

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Definitions:

Voluntary Certification

A process where individuals or organizations choose to undergo an evaluation to obtain a certification, indicating they meet specific standards or qualifications, without any legal obligation.

Ontario

A province in Canada known for its natural diversity, economic industries, and being home to the nation's capital, Ottawa, and its largest city, Toronto.

Alberta

A province in Western Canada, known for its natural beauty, including mountains, forests, and prairies.

British Columbia

A province located on the west coast of Canada, known for its natural beauty and diverse geography.