fx true A B C D E G 11 2. As a legal entity, a corporation has most of the rights and privileges of a person 12 13 14 15 16 17 3. Most of the largest US corporations are privately held corporations 18 19 G J K L M N 20 21 22 23 4. Corporations may buy, own and sell property; borrow money; enter into legally binding contracts; and sue and be sued. 24 25 26 27 28 29 5. The net income of a corporation is not taxed as a separate entity 30 31 true A B D G H K M N 0 Q 6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts 36 37 39 1 33885883 4 4 4 FX 42 43 44 7. The transfer of stock from one owner to another requires the approval of either the corportation or other stockholders. 45 46 47 8. The board of directors of a corporation legally owns the corporation. 48 49 50 52 53 No need to do 9 or 10