Question: Question 1 of 5 Identify each statement as true or false. A corporation is an entity separate and distinct from its owners. As a legal

Question 1 of 5
Identify each statement as true or false.
A corporation is an entity separate and distinct from its owners.
As a legal entity, a corporation has most of the rights and privileges of a person.
Most of the largest corporations are privately held corporations.
Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.
The net income of a corporation is not taxed as a separate entity.
Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.
The transfer of shares from one owner to another requires the approval of either the corporation or other shareholders.
Question 1 of 5 Identify each statement as true

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