View Policies Current Attempt in Progress Identify each of the following characteristics as being an advantage or a disadvantage of the corporate form of business or not applicable to the corporate form of business organization. 1. Separate legal entity 2. Taxable entity resulting in additional taxes Advantage Not Applicable Disadvantage Advantage and Disadvantage 3. Continuous life 4. Unlimited liability of owners 5. Government regulation 6. Separation of ownership and management 7. Ability to acquire capital 8. Ease of transfer of ownership