Identify each of the following as describing corporations, proprietorships, and/or partnerships.
Some items have more than one answer.
a. Distinct legal entity separate from its owners.
b. More than one owner.
c. Ownership by stockholders.
d. Controlled by a board of directors.
e. Legal identity changes when a company is sold.
f. Limited liability.
g. Mutual agency.
h. Access to large amounts of capital.
i. Direct taxation of profits.
j. Moral hazard usually not a major problem.