A business created as a distinct legal entity composed of one or more individuals or entities is called a:
A) Corporation.
B) Sole proprietorship.
C) General partnership.
D) Limited partnership.
E) Unlimited liability company.

Question

Quizplus · Accepted Answer

A corporation is a legal entity that is separate and distinct from its owners, who are known as shareholders. This structure allows the corporation to own assets, incur liabilities, and conduct business in its own name, apart from the individuals who own it.

A Business Created as a Distinct Legal Entity Composed of One