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QS 13-1 (Algo) Characteristics of corporations LO Cl Which of the following statements are true regarding corporations? Note: 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. Any boxes left with a question mark will be automatically graded as incorrect. Owners are personally liable for corporate debts. Shareholders are not personally liable for corporate acts. Stockholders do not have the power to bind the corporation to contracts. It has many of the same rights as an individual. The president and vice presidents choose the board of directors. The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. Stockholders are expected to hire and fire key executives.