EXPLO 1 THE CORPORATION AS A PERSON: ADVANTAGES AND DISADVANTAGES 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.' Below, list five advantages and five disadvantages of viewing the corporation as a legal person. Explain your reasoning for each item. ADVANTAGES 1 2. 3 Print Activity Details O EM a 15