Final answer:
Corporations have limited liability for shareholders and are governed by a board of directors. They are not taxed as pass-through entities.
Step-by-step explanation:
a) Limited liability for shareholders: This statement is true. Shareholders in a corporation have limited liability, which means that their personal assets are protected and they are only liable for the amount they have invested in the corporation. Their personal assets cannot be seized to pay off the corporation's debts.
c) Taxed as a pass-through entity: This statement is false. Corporations are not taxed as pass-through entities. They are subject to corporate income tax on their profits. Pass-through entities, such as partnerships and S corporations, pass their income and losses through to their owners, who report it on their personal tax returns.
d) Governed by a board of directors: This statement is true. Corporations are governed by a board of directors, which is responsible for making strategic decisions and overseeing the management of the corporation.