Which of the following statements is true?

a.In part due to limited liability and ease of ownership transfer, corporations have less trouble raising money in financial markets than other organizational forms.

b.Although stockholders of the corporation are insulated by limited legal liability, the legal status of the corporation does not protect the firms managers.

c.Unlimited liability and limited life are two key advantages of the corporate form over other forms of business organization.

d.The corporation is a legal entity created by the state that is a direct extension of the legal status of its owners and managers, that is, the owners and managers are the corporation.