Question: Chapter 1 3 Corporations TRUE / FALSE 1 . A corporation has a separate legal existence apart from its owners. True or False 2 .

Chapter

13

Corporations

TRUE

/

FALSE

1 .

A corporation has a separate legal existence apart from its owners. True or False

2 .

The owners of a corporation are personally responsible for the debts of the corporation. True or False

3 .

If the assets of a corporation are not sufficient to satisfy the claims of its creditors, the creditors can make claims against the personal assets of the owners. True or False

4 .

Generally, it is harder for a corporation to raise capital than for a sole proprietorship or a partnership. True or False

5 .

An advantage of a corporation over a sole proprietorship or a partnership is the ease of transferring ownership. True or False

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