A corporation:
A)Is a legal entity separate and distinct from its owners.
B)Must have many owners.
C)Has shareholders who have unlimited liability for the acts of the corporation.
D)Is the same as a limited liability partnership.
E)Does not have to pay taxes.

Question

Quizplus · Accepted Answer

A corporation is considered a separate legal entity from its owners, which means it can own property, enter into contracts, and be sued in its own name. This also means that the liability of the owners is limited to the amount of their investment in the corporation, and they are not personally responsible for the debts or actions of the corporation.

A Corporation