Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. Descriptions Characteristic 1. Transferability of ownership 2. Ability to raise large capital amounts 3. Duration of life 4. Ease of formation 5. Legal status 6. Owner authority and control 7. Owner liability 8. Tax status of income Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. Descriptions Characteristic 1. Transferability of ownership 2. Ability to raise large capital amounts 3. Duration of life 4. Ease of formation 15. Legal status 6. Owner authority and control 7. Owner liability 8. Tax status of income Easily bought and sold High ability Unlimited Requires government approval