A(n) ________ is a state-chartered legal entity with authority to act and to have liability separate from its owners.
A) limited partnership
B) conventional corporation
C) unlimited partnership
D) nonprofit organization

Question

Quizplus · Accepted Answer

A conventional corporation is a legal entity that is distinct and separate from its owners, which grants it the authority to act and to have liability separate from its owners. Limited partnerships and unlimited partnerships are also legal entities, but their liability is shared among the partners. Nonprofit organizations can also be legal entities, but they are typically exempt from certain taxes and have a different purpose than for-profit corporations.

A(n) ________ Is a State-Chartered Legal Entity with Authority to Act