Final answer:
The false statement about a corporation is that it has only one owner; corporations are generally owned by multiple shareholders and have several other obligations such as abiding by government regulations and paying taxes.
Step-by-step explanation:
The statement that is false about a corporation is that it has only one owner. While a sole proprietorship is owned by one individual, corporations are owned by multiple shareholders. A corporation does have to abide by government rules and regulations, is a legal entity, and must pay taxes including corporate taxes, property tax, payroll tax, and others. Furthermore, a corporation provides protection from liability to its owners, can raise capital by selling stocks or issuing bonds, and can endure beyond the lifespan of its founders, providing potential perpetual existence if it remains in operation.
Corporations can take the form of either private or public entities. Private corporations do not have publicly traded stock, while public corporations do. In both cases, however, the fundamental characteristics of being a legal entity, the need to follow specific regulations, and the obligation to pay taxes remain the same.