Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A corporation is an entity separate and distinct from its owners. As a legal entity, a corporation has most of the rights and privileges of

A corporation is an entity separate and distinct from its owners.
As a legal entity, a corporation has most of the rights and privileges of a person.
Most of the largest U.S. corporations are privately held corporations.
Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue
and be sued.
The net income of a corporation is not taxed as a separate entity.
Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does
not pay its debts.
The transfer of stock from one owner to another requires the approval of either the corporation or other
stockholders.
The board of directors of a corporation legally owns the corporation.
The chief accounting officer of a corporation is the controller.
Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions