Identify characteristics of a corporation. 1. a corporation is an entity separate and distinct from its owners. 2. as a legal entity, a corporation has most of the rights and privileges of a person. 3. most of the largest u. s. corporations are privately held corporations. 4. corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. 5. the net income of a corporation is not taxed as a separate entity. 6. creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts. 7. the transfer of stock from one owner to another requires the approval of either the corporation or other stockholders. 8. the board of directors of a corporation legally owns the corporation.9.the chief accounting officer of a corporation is the controller. 10.corporations are subject to fewer state and federal regulations than partnerships or proprietorships. instructions: identify each statement as true or false. if false, indicate how to correct the statement.

The answers are,

1. A corporation is an entity separate and distinct from its owners.

2. As a legal entity, a corporation has most of the rights and privileges of a person.

4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.

Explanation:

Explanations for the False statements!

3. Most of the largest U.S. corporations are privately held corporations.

No, most of them are publicly traded in stock markets.

5. The net income of a corporation is not taxed as a separate entity.

It is taxed as a separate entity and shareholders do not have to pay individually the company's tax.

7. The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders.

Not true. Shares are traded freely and anyone can purchase or sell at their own content.

8. The board of directors of a corporation legally owns the corporation.

The board only manage and do the administration of a corporation. Shareholders are the one who own it.

10.Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.

Corporations have many federal laws that governs their corporate governance and tax payments.

6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.

In limited liability companies, the liability of a shareholder is limited to his/her stake/interest in the company's equity.

9.The chief accounting officer of a corporation is the controller.

Sometimes they are the same. But they are two separate roles which is why I'm stating it as false. The controllers role is short term for a certain degree and mainly looks at the short term financial performance of the company while the chief accounting officer plays a pivotal role in the strategic long term financing of the organization.

answer; (c) communism and socialism;