Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations Descriptions indefinite Characteristic 1. Owner liability 2. Tax status of income 3. Transferability of ownership 4. Ability to raise large capital amounts 5. Duration of life 6. Government regulation 7. Lagal status 8 Mutual agency Limited More severe than partnerships and proprietorships Limited Corporate income is taxed Readily transferred High because buying stock is attractive Indefinite High because buying stock is attractive Indefinite More severe than partnerships and proprietorships Entity with similar rights as individual Stockholders cannot bind corporation to contracts