Problem: With reference to business structure liability, which of the following statements is INCORRECT?
a. A trust may appoint a company as its trustee, which provides the trustee the protection of separate legal entity and limited liability
b. Although joint ventures are not a separate legal entity liability is said to flow through to the joint venturers
c. Each partner may incur liabilities on behalf of the business and each partner will also be liable for the debts and obligations incurred on behalf of the business by the other partners. This is the case, even where the debt has been improperly incurred to the partnership
d. If a sole trader cannot repay the debts of the business, then the sole trader's personal assets will be used to pay the businesses debt, unless the sole trader has applicable insurance coverage