Chapter 7.3 Review
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According to the law, what is a corporation, and what are its important properties?
A corporation is an artificial being, invisible, intangible, and existing only in the contemplation of the law. Its important properties are immorality and individuality.
How does one become a partial owner of a corporation?
A person becomes a partial owner of a corporation by buying shares of its stock.
What are the advantages of incorporation?
The advantages of incorporation are limited personal financial liability, experienced management and specialized employees, continuous life, and ease in raising financial capital.
What are the disadvantages of incorporation?
The disadvantages of incorporation are higher taxes, greater governmental.
