A corporation is defined as a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that individuals possess: they can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. Some refer to it as a 'legal person.$\text{'}$

Below, list five advantages and five disadvantages of viewing the corporation as a legal person. Explain your reasoning for each item.