True/False Indicate whether the statement is true or false

_____ 3. "Piercing the corporate veil" will result in personal liability of shareholders.

_____ 5. Under Subchapter S of the Internal Revenue Code, a corporation's income is taxed only at the shareholder level.

_____ 6. The doctrine of ultra vires is of more significance today than it has been in the past.

_____ 7. A corporation has no constitutional protection against unreasonable searches and seizures.