Of the following statements, which are true for the corporate form of organization?

1. It is a separate legal entity. True


2. Ownership rights cannot be easily transferred. False


3. Owners are not agents of the corporation. True


4. Capital is more easily accumulated than with most other forms of organizations. True


5. It has a limited life. False


6. Owners have unlimited liability for corporate debts. False


7. Corporate income that is distributed to shareholders is usually taxed twice. False





Can you tell me if I did this correctly.Of the following statements, which are true for the corporate form of organization?
Everything looks good to me except number seven. Dividends are indeed taxed twice; once by the corporation and once by the individual who receives the dividend. Dividends are issued after taxes by the corporation.