Which of the following is a characteristic of corporations?

A corporation is a legal entity that is distinct from its owners, meaning it has the ability to own property in its own name, enter into contracts, and undertake various business activities as a single unit. This characteristic allows corporations to operate independently of their shareholders, providing benefits such as liability protection and the ability to raise capital by issuing stock.

In contrast, corporations can engage in myriad transactions, including the buying and selling of real or personal property, which is integral to their business operations. This ability to own or dispose of property is fundamental to the nature of corporate activity, distinguishing corporations from other business structures that may not have the same capacity.

The other options do not accurately characterize corporations. Corporations can enter into contracts on their own behalf, which is a fundamental aspect of their operation. Furthermore, the ownership structure of a corporation allows for limited liability, meaning shareholders are not personally liable for the debts and obligations of the corporation. Lastly, ownership in a corporation is not restricted to individuals; it can include other corporations, institutional investors, and even foreign entities. This diversity in ownership further emphasizes the flexibility and unique nature of corporate entities.