Week 5 DBQ 1: Some key characteristics of the corporate entity are perpetual existence (meaning a corporation can outlive its founder[s]) & limited liability (meaning that the corporation is liable for its own debts--the owners [shareholders] are not personally liable for same.) Critics say the perpetual existence is OK, but the lack of personal liability on the part of corporate ofcers and managers is a recipe for corruption. Should the higher-ups in a corporation be liable for the misdeeds of a corporation