Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer.Single click the box with the question mark to produce a check mark for a correct answer and double click the box with thequestion mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded asincorrect.)? Corporate income that is distributed to shareholders is usually taxed twice.? Corporations are often subject to fewer regulations than partnerships.? The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors.? It has many of the same rights as an individual.? It does not end with the death of an owner.?Stockholders are expected to hire and fire key executives.? The president and vice presidents choose the board of directors.

Answered: Identify which of the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer.
Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the
question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as
incorrect.)
? Corporate income that is distributed to shareholders is usually taxed twice.
? Corporations are often subject to fewer regulations than partnerships.
? The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors.
? It has many of the same rights as an individual.
? It does not end with the death of an owner.
?Stockholders are expected to hire and fire key executives.
? The president and vice presidents choose the board of directors.

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Introduction:

A corporation is a legal entity that is owned by one or more people and has rights, privileges, and duties that are different from those of its owner (s). In effect, under the United States Constitution, a corporation is a separate legal creature with a continuous life and rights and duties similar to those of an individual. This implies that a company can sue or be sued and does not cease to exist upon the death of an owner.

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