\fWhich ofthe following is true about the general incorporation statutes that emerged in the United States in the late 18th century? Multiple Choice There was unrestricted ownership of real and personal property. Reasonably high maXImum limits on capitalization were permitted, Incorporation was not viewed as a privilege, 0000 These statutes permitted incorporation only for limited purposes benecial to the public, Shareholders of an S corporation may be Multiple Choice O trusts. O LLCs. O partnerships. O LLLPS.Which of the following is a good strategy to prevent the piercing of the corporate veil between a parent company and its subsidiary? Multiple Choice Transactions between them should happen at fair value. Records oftransactions should be maintained only by the parent company, Assets should be bought only in the name of the subsidiary. 0000 They should keep a common book of accounts. Andrew, the shareholder-manager of a wheel manufacturing company (Wheelies Incorporated), starts a new auto parts manufacturing company (CarBasics Incorporated). He makes sure that Wheelies gets all its supplies only from CarBasics at above-market prices. Workers at CarBasics get their salaries from Wheelies. Two years later, CarBasics is a stupendous success while Wheelies has creditors knocking on its doors. Are shareholders of CarBasics liable to creditors of Wheelies? Multiple Choice O Yes, they are liable because a manufacturer owning a supplier is per se illegal. O Yes, they are liable because looting occurred between CarBasics and Wheelies. O No, they are not liable because CarBasics is not a subsidiary of Wheelies. O No, they are not liable because CarBasics and Wheelies are separate legal entities.A member of a nonprofit corporation is personally liable for the corporation's acts or liabilities. True or False If a corporation that is required to qualify in a state does business in that state without qualifying, then Multiple Choice it cannot defend itself in the state's courts, it has to pay a fine of $50,000 to the state. it cannot use the state's courts to bring a lawsuit, it loses its corporation status. @000 In a close corporation, the controlling Shareholders are usually the only people who manage and operate the company. True or False ' True ' ' False ' Transferring corporate assets to shareholders for less than fair market value is a form of M ultiple Choice looting. piercing. authorizing, OOOO capitalizing.