Q1. Mark Kemp a student asks your help in understanding the following characteristics of a corporation

(a) separate legal assistance

(b) limited liability of stockholders

(c) transferable ownership rights

explain these characteristics to Mark

Q2. (a) Your friend Katie Fehr cannot understand how the characteristic of corporation management is both an advantage and a disadvantage. Clarify this problem for Katie.

(b) Identify and explain two other disadvantages of a corporation