Final answer:
False, true option (a). Incorporators become corporators when they create a corporation, but not all corporators are involved in the corporation's initial setup. Additionally, the statement regarding proprietary colonies is false, as proprietors had multiple responsibilities.
Step-by-step explanation:
The statements 'Corporators are incorporators' and 'Incorporators are corporators' may seem interchangeable, but they have distinct meanings within the context of business structure.
Incorporators are individuals who are involved in the creation of a corporation. They file the necessary paperwork, such as the articles of incorporation, with the relevant state authorities to legally create the corporation. Once the corporation is formed, it can then have corporators, who are essentially the shareholders or members of the corporation.
Therefore, all incorporators become corporators once the corporation is formed, as they have a stake in the company they have created.
Considering these definitions, the statement 'Corporators are incorporators' is false because not all corporators necessarily take part in the incorporation process; they can simply purchase shares after the company is formed. Conversely, 'Incorporators are corporators' is true, as incorporators generally retain some ownership or membership stake in the corporation once it is formed.
As for the statement about proprietary colonies, 'In a proprietary colony, the Proprietors have no responsibilities except to collect the profits' is false. Proprietors of a proprietary colony typically have numerous responsibilities beyond just collecting profits, such as governing the colony, establishing laws and order, promoting settlement and trade, and upholding the interests of the colonial proprietorship.