Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. Characteristic 1. Ability to raise large capital amounts 2. Ease of formation 3. Owner authority and control 4. Tax status of income 5. Ability to raise large capital amounts 6. Government regulation 7. Mutual agency 8. Owner liability High ability Descriptions Requires government approval One vote per share Corporate income is taxed Corporate income is taxed More severe than partnerships and proprietorships Requires government approval Not liable for corporation actions or debt