Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations.

1. Owner authority and control

2. Ease of formation

3. Transferability of ownership

4. Ability to raise large amounts of capital

5. Duration of life

6. Owner liability

7. Legal status

8. Tax status of income

Descriptions: corporate income is taxed, high ability, limited, one vote per share, readily transferred, requires government approval, separate legal entity, unlimited