1. If two firms consolidate, the new corporation usually succeeds to the rights, powers and liabilities of its component parts. (True or False)

2. Because nonprofit corporations have a more restricted range of powers than business (for profit) corporations, actions not authorized by the charters of nonprofit corporations are more likely to be found ultra vires. (True or False)

3. Subchapter S corporations have the benefits of limited liability as in partnerships and are taxed as corporations. (True or False)

4. A Nevada corporation doing business in New York is considered a foreign corporation. (True or False)

5. The corporate form of business continues regardless of changes in ownership. (True or False)