17. The partners' rights in partnership entitle them to: A. sell any item of the firm's property if its value does not exceed their share of the assets of the partnership. B. take possession of any item of partnership property for partnership purposes only. C. take possession of any item of partnership property for personal purposes if its value does not exceed their share of the assets of the partnership. D. devise to an heir any individual item of the firm's property. 18. A corporation is viewed as the alter ego of the shareholder-manager when shareholders mix their personal dealings and corporate transactions as if all were personal. TRUE FALSE 19. Nonprofit corporations: A. are similar to nontaxing governmental corporations. B. are formed and operated by public entities. C. do not permit officers and employees to receive salaries. D. have the power to tax. 20. All business corporations derive their existence from the: A. Commerce Clause of the U.S. Constitution. B. common law. C. state in which they are incorporated. D. federal government. 21. Under general incorporation laws, _____. A. incorporation is a legislative privilege, not a right B. the secretary of state has to issue a certificate of incorporation C. the corporation's shareholders have to make a decision regarding incorporation D. incorporation is a legislative privilege as well as a right 22. Which of the following states has traditionally been considered attractive for incorporation? A. Delaware B. New York C. California D. Iowa 23. A _____ existed when there was an honest attempt to comply with the mandatory provisions of the corporate statute, yet the attempt still failed in some material respect. A. de jure corporation B. de facto corporation C. corporation by estoppel D. close corporation