For each statement listed, identify the term that best fits the statement. 1. A company whose shares are not traded on an organized stock exchange like the TSX. Accounting standards that can be used by private companies. The characteristic that allows a corporation to act in its own name rather than in the name of its shareholders. 2. 3. 4. 5. 6. 7. 8. The characteristic that ensures shareholders cannot be made to pay creditors out of their personal assets. The characteristic that allows shareholders to transfer shares without the approval of the corporation. The costs incurred when forming a corporation The shareholders have a right to elect this group of people. The right to vote, to receive dividends when declared, and to share in assets upon liquidation. eTextbook and Media ASPE Transferable ownership rights Separate legal existence Common shares Private company Organization costs Board of directors Limited liability