EXERCISES t to each corporate characteristic through 8, enter the letter of the description on that bet stic 1 thro relates to it. 1. Owner authority and control 2. Ease of formation 3. Transferability of ownership 4. Ability to raise large capital amounts a. Requires government approval b. Corporate income is taxed c. Separate legal entity d. Readily transferred e. One vote per share f. High ability g. Unlimited h. Limited Exercise 11-1 Characteristics of corporations C1 -5. Duration of life 6. Owner liability 7. Legal status -8. Tax status of income