Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. 1. owner authority and control 2. ease of formation 3. transferability of ownership 4. ability to raise large amounts of capital 5. duration of life 6. owner liability 7. legal status 8. tax status of income descriptions: corporate income is taxed, high ability, limited, one vote per share, readily transferred, requires government approval, separate legal entity, unlimited

1. Owner authority and control - one vote per share, readily transferred

2 Ease of formation - requires government approval

3. Transferability of ownership - readily transferred

4. Ability to raise large amounts of capital - high ability

5. Duration of life - Unlimited

6. Owner liability - limited

7. Legal status - separate legal entity

8. Tax status of income - corporate income is taxed

Explanation:

A corporation is a business type :

1. Ownership of a corporation can be acquired by acquiring shares of the corporation.

2. A corporation requires government approval and a lot of legal requirements before it can be formed.

3. A corporation can raise capital through issuing shares, bonds and borrowing from financial institutions .

4. The liability of shareholders who are the owners are limited to the amount invested.

5. Corporate income is taxed and profit distributed to shareholders are also taxed.

6. A corporation is a separate legal entity.

7. The life of a corporation can be unlimited.

8. One share is equal to one voting right.

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