Current Attempt in Progress a Identify each of the following characteristics as being an advantage or a disadvantage of the corporate form of business or not applicable to the corporate form of business organization 1 Separate legal entity 2. Taxable entity resulting in additional taxes 3. Continuous life 4. Unlimited liability of owners 5. . Government regulation 6. Separation of ownership and management 7. Ability to acquire capital 8. Ease of transfer of ownership