Identify which of the following statements are true for the corporate form of organization.

1. Ownership rights cannot be easily transferred.

2. Owners have unlimited liability for corporate debts.

3. Capital is more easily accumulated than with most other forms of organization.

4. Corporate income that is distributed to shareholders is usually taxed twice.

5. It is a separate legal entity.

6. It has a limited life.

7. Owners are not agents of the corporation.