Question

1. how does a corporation differ from a sole proprietorship? it has a separate legal identity and limited liability it cannot raise capital it pays no taxes it is owned and run by one person

Explanation:

A corporation has a separate legal identity from its owners, meaning it can sue or be sued, enter into contracts, etc., in its own name. Sole - proprietorships do not have this. Also, in a corporation, owners (shareholders) have limited liability. Their personal assets are generally protected from the corporation's debts. In a sole - proprietorship, the owner has unlimited liability.
Corporations can raise capital through selling stocks. Sole - proprietorships usually have more limited capital - raising options. Corporations are subject to corporate taxes. And a sole - proprietorship is owned and run by one person, while a corporation can have multiple shareholders and a more complex management structure.

Answer:

It has a separate legal identity and limited liability.