Answer the following statement(s) true (T) or false (F)

1. Corporations account for most of the sales in the U.S. economy but less than 20 percent of the number of businesses in operation.
2. An S corporation allows shareholders to be treated as individuals for tax purposes.
3. A corporation that is doing business in a state other than the one in which it is incorporated is called an alien corporation.
4. A written partnership agreement should only include the names of the partners and the duties of each partner.
5. The duty of care requires that the board of directors act on behalf of the organization and avoid conflicts of interests.


1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. FALSE

Business

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Business