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which of the following is not a characteristic that distinguishes corporations from proprietorship and partnership? corporations...

which of the following is not a characteristic that distinguishes corporations from proprietorship and partnership?
corporations are separate legal entities apart from the owner
corporate earning are subject to double taxation
corporations have continuous lives regardless of changes in ownership
corporation have mutual agency

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Answer #1

Corporations are of separte legal entity from its owner unlike proprietorship and partnership.

Corporate earnings are taxed in the hands of corporation as corporate taxes and dividend distributed from corporations are taxed in hands of shareholders.

Corporations have a perpetual sucession or continous lives unlike proprietorship (will be winded up after death of proprietor) and partnership (will be winded up as per partners consent).

Corporation has no mutual agency like partnerships and proprietorship where mutual agency between business and proprietor or partners.

Answer is Corporations have mutual agency

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