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 Easily bought and sold High ability Unlimited 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 Requires government approval Separate legal entity PIJLOCULPOIULIOTU. Descriptions Requires government approval Separate legal entity One vote per share 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 Limited Corporate income is taxed