Which of the following statements is not considered a disadvantage of the corporate form of organization? a. Additional taxes b. Government regulations c. Limited liability of stockholders d. Separation of ownership and management Which of the following is an incorrect statement about a corporation? a. A corporation is an entity separate and distinct from its owners b. Creditors ordinarily have recourse only to corporate assets in satisfaction of their claims. c. A corporation may be formed in writing, orally, or implied. d. A corporation is subject to numerous state and federal regulations The par value of a stock a. is legally significant b. reflects the most recent market price. c. is selected by the SEC d. is indicative of the worth of the stock Retained earnings is a, always equal to the amount of cash that the corporation has generated from operations b. a part of the paid-in capital of the corporation c. a part of the stockholders' daim on the total assets of the corporation d. closed at the end of each accounting period. Which of the following is not an advantage of the partnership form of business? a. Mutual agency b. Ease of formation c. Ease of decision making d. Freedom from governmental regulations and restrictions Which of the following statements is incorrect regarding partnership agreements? a. It may be referred to as the articles of co-partnership, b. Oral agreements are preferable to written articles. c. It should specify the different relationships that are to exist partners d. It should state procedures for submitting disputes to arbitration