Which statement about the legal formation of corporations is true?

The statement that corporations can exist forever unless specified otherwise is accurate due to the legal concept of corporate existence. When a corporation is formed, it is recognized as a separate legal entity from its owners, allowing it to continue its existence independently of the lifespan of those owners. This enduring nature is often referred to as "perpetual existence." Unless the articles of incorporation or bylaws state a specific duration or conditions for dissolution, a corporation exists indefinitely, which is a fundamental feature distinguishing it from other forms of business entities, like sole proprietorships or partnerships, that may dissolve upon certain events.

The requirement for a minimum number of incorporators, shareholder agreement for formation, and the ability of corporations to represent shareholders in court are not universally true statements. Some jurisdictions may have specific rules regarding incorporators, and while shareholder agreements are vital for governance, they do not dictate the formation process itself. Furthermore, while corporations can engage in legal actions, the representation of shareholders typically occurs through corporate governance structures and not as a direct representation in court.