Which of the following statements are true regarding corporations
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 7DQ
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Which of the following statements are true regarding corporations?
![The president and vice presidents choose the board of directors.
Owners are personally liable for corporate debts.
It does not end with the death of an owner.
Corporations are often subject to fewer regulations than partnerships.
It is a separate legal entity.
Stockholders do not have the power to bind the corporation to contracts.
Shareholders are not personally liable for corporate acts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5c9e71a-2152-46c3-8ddc-78ecbd167355%2F48fc668e-132c-4a8f-b4b0-b631d4497a68%2F3k5xpb_processed.png&w=3840&q=75)
Transcribed Image Text:The president and vice presidents choose the board of directors.
Owners are personally liable for corporate debts.
It does not end with the death of an owner.
Corporations are often subject to fewer regulations than partnerships.
It is a separate legal entity.
Stockholders do not have the power to bind the corporation to contracts.
Shareholders are not personally liable for corporate acts.
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