Below are the advantages and disadvantages of a corporation. Please explain each statement. Thank you so much :)

Advantages of corporate form of business:

1.Capacity to act as a single unit;

2.Limited shareholder's liability;

3.Continuity in existence;

4.Feasibility of greater undertaking;

5.Transferability of shares;

6.Centralized management; and

7.Standardized method of organization, management and finance

Disadvantages of corporate form of business:

1.To have valid and binding corporate act, formal proceedings, such as board meetings are required.

2.The business transactions of a corporation is limited to the State of its incorporation and may not act as such corporation in other jurisdiction unless it has obtained a license or authority from the foreign state.

3.The shareholders' limited liability tends to limit the credit available to the corporation as a separate legal entity.

4.By the very nature of shares of stock which are personal properties, transferable at will by the owners thereof, transfers of share may result to uniting incompatible and conflicting interests.

5.The minority shareholders have practically no say in the conduct of corporate affairs.

6.In large scale enterprises, stockholders' voting rights may become merely fictitious and theoretical because of disinterest in management, wide-scale ownership and inaccessible place of meeting.

7.Double taxation may be imposed on corporate income.

8.Corporations are subject to governmental regulations supervision and control including submission of reportorial requirements not otherwise imposed in other business form.

Who is an Interlocking Director? Give example.