Final answer:
Corporations must be created by statute, a process that endows them with legal status as separate entities. The 'necessary and proper' clause usually expands rather than limits federal power.
Step-by-step explanation:
The statement that a corporation can be created only by statute is true. A corporation is a business structure legally recognized as a separate entity from its owners. This status is created under the law, and a corporation can be formed when a company receives permission from the national and state governments to incorporate.
At this point, it may raise revenue by issuing shares or bonds, and the corporate structure offers limited liability, ease of transferring ownership, and potential for an unlimited lifespan. Importantly, the creation of a corporation generally follows statutory requirements and provisions, which are necessary to enjoy the legal benefits of being a corporation.
Concerning the provided exercises, the statement regarding the necessary and proper clause limiting the power of the national government is false. The clause has been interpreted by the U.S. Supreme Court to grant Congress implied powers that enable it to fulfill its constitutional duties, thereby often broadening rather than limiting federal authority.