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

The characteristic that is not applicable to a corporation is the concept of unlimited liability on the part of the stockholders. In the context of a corporation, shareholders enjoy limited liability, which means that their financial responsibility for the corporation's debts is limited to the amount they have invested in the company. They are not personally liable beyond their investment, effectively protecting personal assets from being used to satisfy corporate debts or liabilities. This limited liability is one of the key advantages of incorporating a business as it encourages investment and entrepreneurship.

In contrast, the other characteristics listed reflect essential features of corporations: they have a perpetual life, allowing them to continue existing independently of the owners; ownership interests can typically be transferred easily, providing liquidity to investors; and they have the ability to raise substantial capital by issuing stock, attracting a wide range of investors.