1. Which of the following is true regarding corporations?
A. A corporation is not a separate legal entity.
B. A corporation may not be sued.
C. A corporation is created according to federal law.
D. Shareholders may typically be held liable for debts of the corporation.
E.The corporation must pay taxes on profits, and shareholders must pay taxes on dividends they receive from the corporation.
2. Officers of a corporation are hired by the shareholders. True or False?
3.Members of the board of directors of a corporation are elected by shareholders. True or False?
Expert Answer
1. Which of the following is true regarding corporations?
C. A
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