Which of the following statements about the corporate form of business organization is correct $?$ a $.$ Corporations can operate under different degrees of formality $,$ ranging from informal $,$ oral understandings to formal agreements filed with the secretary of the state in which the corporations do business $.$ b $.$ In the United States $,$ corporations generate a lower percentage of total annual sales than either partnerships or proprietorships $..$ One of the most important features of the corporate form of business organization is that stockholders have unlimited liability $.$ Corporations generally are smaller than either partnerships or proprietorships $..$ A corporation has the legal authority to act like a person when conducting business $.$