A corporation can only be used to run really large businesses.

• True
• False

Some corporations can have their profits taxed only once.

• True
• False

A corporation's powers are only limited by its bylaws (charter of corporation).

• True
• False

A not-for-profit corporation has the right to buy and hold property.

• True
• False

As long as the corporation complies with the terms of the articles of incorporation, the state cannot alter the articles in any material way without consent of the stockholders.

• True
• False

The death of a stockholder does not dissolve a corporation.

• True
• False

An ultra vires contract generally is binding on the parties to the contract.

• True
• False

A corporation can be sued in the corporate name.

• True
• False

A stock corporation is a private corporation, the ownership of which is represented by shares of stock.

• True
• False

Corporate document stating rules that govern the internal affairs of a corporation are called groundlaws.

• True
• False