Athalone Incorporated a Corporation Under the Canada Business Corporations Act

Multiple Choice

Athalone incorporated a corporation under the Canada Business Corporations Act. As the sole shareholder he has limited liability. Which of the following statements are TRUE?

A) Athalone's personal liability for the liabilities of the corporation is limited to the total of his personal assets.
B) Athalone is personally responsible for liabilities arising out of the business the corporation carries on but only up to the amount he has invested in return for his shares.
C) Athalone can never be personally liable for any liability of the corporation.
D) Athalone will never have to assume personal liability to creditors of the corporation.
E) In most situations, Athalone will not be personally liable for the obligations of the corporation.