True or False

1. A corporation cannot be established that has a fixed termination date.
2. A corporation's existence is not affected by the death or insanity of a shareholder.
3. Corporations exist in perpetuity unless a specific duration is stated in the corporation's articles of incorporation.
4. The law governing the formation and operation of corporations is all at the state level.
5. A corporation formed for scientific purposes would be a profit corporation.
6. Shareholders that are involved in the management of a corporation are most likely involved in a closely held corporation.
7. Professional corporations in some states do not provide limited liability with respect to the professional malpractice of other shareholders.
8. Nonprofit corporations can be formed only for certain purposes.
9. A state may not require a foreign corporation to qualify to conduct intrastate commerce within the state.
10. A corporation's articles of incorporation and bylaws must be filed with the appropriate state agency.
11. Every corporation must have a registered office and registered agent and these must be identified in the articles of incorporation.
12. The articles of incorporation must be approved by the state before the corporation can officially come into existence.