Assignment task: Critically discuss this statement.
Core structural characteristics of business organisations are (1) legal personality, (2) limited liability, (3) transferable shares, (4) centralized management under a board structure, and (5) shared ownership by contributors of capital. In virtually all economically important jurisdictions, there is a basic statute that provides for the formation of firms with all of these characteristics. Armour et al., (2017, p.7)