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Which of the statements regarding corporations is incorrect

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Problem 1: Which of the following statements regarding corporations is incorrect?

A) Corporations dominate business activity in the United States.

B) Corporations are businesses organized under state law and do not have an existence that is separate from their owners.

C) Most well-known corporations tend to be large multinational businesses.

D) Corporations are separate legal entities.

Problem 2: Which of the following corporate characteristics is a disadvantage of a corporation?

A) Stockholders have limited liability.

B) A corporation has a continuous life.

C) There is no mutual agency between the stockholders and the corporation.

D) Earnings of a corporation may be subject to double taxation.

Reference no: EM132723876

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