Which of the following is true about a corporation?

A corporation is a distinct legal entity that is separate from its owners (shareholders), which contributes to its longevity and stability. One of the defining characteristics of a corporation is that it has the ability to exist indefinitely, meaning it can continue to operate and exist beyond the lifetime of its original owners or shareholders. This feature is often referred to as "perpetual existence."

Unlike sole proprietorships or partnerships, where the business may dissolve upon the death of an owner or partner, a corporation can theoretically last indefinitely, continuing its operations regardless of changes in ownership or management. This aspect makes corporations an attractive option for investors and entrepreneurs looking to create a long-term entity.

The other options do not accurately describe characteristics unique to corporations. For example, corporations are not the oldest or simplest form of business entity, and they typically have specific legal requirements and formalities to be established, including filing articles of incorporation and following corporate governance protocols.