How does the corporate structure provide advantages and disadvantages to a company?

"4.3 Corporations: Limiting Your Liability 3. How does the corporate structure provide advantages and disadvantages to a company, and what are the major types of corporations? A corporation is a legal entity chartered by a state. Its organizational structure includes stockholders who own the corporation, a board of directors elected by the stockholders to govern the firm, and officers who carry out the goals and policies set by the board. Stockholders can sell or transfer their shares at any time and are entitled to receive profits in the form of dividends. The owners of a corporation who hold shares of stock that carry certain rights. Advantages of corporations include limited liability, ease of transferring ownership, unlimited life tax deductions, and the ability to attract financing. Disadvantages include double taxation of profits, the cost and complexity of formation, and government restrictions."