Distinguish the characteristics, advantages, and disadvantages of a corporation.

Distinction should include the

• steps used to form a corporation
• characteristics of the corporate form of organization, including the S corporation
• differences between the responsibilities of a public corporation and those of a private corporation from an accounting perspective
• advantages of the corporate form of organization (e.g., continuity of ownership, ability to raise capital, liability shield)
• disadvantages of the corporate form of organization (e.g., regulation, double taxation of dividends).