True and False (support False items with valid evidence) 1. Corporations are separate entities from their owners (shareholders). 2. Most of the largest corporations in the United States are private. 3. The net income of corporations is not taxed as a separate entity. 4. In case a corporation does not pay the debts, the creditors can go against the assets of the owners. 5. The Board of Directors are the legal owners of the Corporations. 6. The transfer of shares of a corporation requires the approval of all shareholders. 7. Corporate management in corporations is both an advantage and a disadvantage compared to partnerships and own businesses. 8. The market price of a stock is usually equal to the par value of the stock. 9. Shareholders of a corporation can also be employees of the corporation. 10. Common shares issued are always equal to or greater than authorized shares