Question

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Identify which of the following statements are true for the corporate form of organization. (You may...

Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)
  

  • Owners have limited liability for corporate debts.unanswered
  • Shareholders are not personally liable for corporate acts.unanswered
  • The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors.unanswered
  • Stockholders do not have the power to bind the corporation to contracts.unanswered
  • Generally there is no double taxation on corporate income that is distributed to owners.unanswered
  • Corporations are often subject to fewer regulations than partnerships.unanswered
  • Stockholders are expected to hire and fire key executives.

Solutions

Expert Solution

The correct responses are as under:

  • Owners have limited liability for corporate debts.- TRUE
  • Shareholders are not personally liable for corporate acts. TRUE
  • The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. TRUE
  • Stockholders do not have the power to bind the corporation to contracts.TRUE
  • Generally there is no double taxation on corporate income that is distributed to owners.FALSE
  • Corporations are often subject to fewer regulations than partnerships. FALSE
  • Stockholders are expected to hire and fire key executives FALSE

ekkarill92 answered 2 years ago
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