A corporation is:
A)A business legally separate from its owners.
B)Controlled by the FASB.
C)Not responsible for its own acts and own debts.
D)The same as a limited liability partnership.
E)Not subject to double taxation.

Question

Quizplus · Accepted Answer

A corporation is a legal entity that is separate from its owners or shareholders. It has its own rights, privileges, and liabilities under the law, and can enter into contracts, sue, and be sued. This separation of ownership from management and limited liability protection for shareholders are the primary benefits of forming a corporation.

A Corporation Is