[简答题]

(71) A corporation is a legal entity that exists as distinct from the individuals who control and invest in it. (72)As a result, a corporation can continue indefinitely through complete changes of ownership leadership, and staffing. Current owners can sell their holdings to other individuals or, if they die, have their assets transferred to heirs. This is possible because a corporation creates shares of stock that are sold to investors. One strength of the corporate business structure is that stockholders have limited liability, as opposed to the unlimited liability of general partners, so they cannot lose more than their initial investment. (73)Investors may also easily buy and sell stocks of public corporations through stock exchange. (74) By offering stock publicly, a corporation enables anyone with some money to buy the stock and become a part-owner of the company. (75) As a result, corporations can more easily raise capital for business expansi

[填空题]A Separate Legal Entity
A unique feature of a company is that, no matter how many individuals have bought shares in it, it is treated in its dealings with the outside world as if it was a person in its own right. It is said to be a separate legal entity. Just as the law can create this separate legal person, the law also can eliminate it, but its existence can only be terminated by using the proper legal procedures.
Thus, the identity of the shareholders in a large concern may be changing constantly as shares are bought and sold by different people. On the other hand, a small private company may have the same shareholders from the date it is incorporated (the day it legally came into being), until the date when liquidation is completed (the cessation of the company, often known as "winding up" or being "wound up"). A prime example of its identity as a separate legal entity is that it may sue its own shareholders, or in turn be sued by them.
B Limited Liability

[简答题]Legal tender