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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

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.)

  • Directors oversee its business affairs.checked
  • The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors.checked
  • Stockholders do not have the power to bind the corporation to contracts.checked
  • It has many of the same rights as an individual.unchecked
  • Owners are personally liable for corporate debts.unchecked
  • Generally there is no double taxation on corporate income that is distributed to owners.unchecked
  • The president and vice presidents choose the board of directors.

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