Which of the following is NOT a characteristic of a corporation?

A corporation is a distinct legal entity that possesses several key characteristics. One of these fundamental traits is its ability to own property. A corporation can acquire, hold, and manage assets in its own name, which enables it to engage fully in business activities, enter contracts, and be involved in litigation.

Limited liability is another significant feature of a corporation. This means that the personal assets of the owners (shareholders) are protected from the corporation’s liabilities. If the corporation incurs debt or is sued, only the assets within the corporation are at risk, not the shareholders' personal properties.

The continuity of existence is also a defining characteristic; a corporation can continue to exist independently of its owners' status. This means that it survives the death or departure of shareholders or management, allowing for uninterrupted operations.

Publicly traded shares enable a corporation to raise capital from a wider pool of investors by offering its stock on public markets. This aspect, along with the limited liability of owners and continuity of existence, further solidifies the stability and growth potential of a corporation.

Thus, the ability to own property is an integral part of what defines a corporation, making the option of not having this ability incorrect.