Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations Characteristic Descriptions 1. Government regulation, 2. Legal status 3. Mutual agency 4. Owner authority and control More severe than partnerships and proprietorships 5. Owner liability 6. Tax status of income Entity with similar rights as individual Stockholders cannot bind corporation to contracts Transferability of ownership 7. Shareholders elect board of directors 8. Ability to raise large capital amounts ach characteristic Descriptions Shareholders elect board of directors Not liable for corporation actions or debt Taxed a second time on owner's personal return Easily bought and sold High ability