Which of the following statement is not true? a. The shareholders of most companies have limited liability.

b. Based on the IRR rule, an investment is acceptable if the IRR exceeds zero. It should be rejected otherwise.

c. Public companies may be listed on a stock exchange, which facilitates trading in the companys shares.

d. Partnerships are not separate legal entities and the partners are therefore personally liable for obligations (including debts) entered into by the partnership.