The major characteristics of a corporation are as follows: Separate legal existence Limited liability of shareholders Transferable ownerships rights Ability to acquire capital Continuous life Government regulations Corporate income tax The following items pertain to one of the characteristics of the corporate form of organization. For each item below, identify: (a) whether it represents an advantage or disadvantage, and (b) the characteristic that pertains to the iter. (Note: a characteristic can be used more than once.) (a) (b) Advantage / Disadvantage Characteristics 1. A corporation can continue to operate even if all of its shareholders have been replaced x Advantage Limited liability of shareholders v 2. Buying shares is an attractive way for individuals to invest in a company because the cash requirement is often very small Advantage Ability to acquire capital Advantage [Ability to acquire capital TLimited liability of shareholders v