Which of the following are considered to be legal entities that exist separate and distinct from their owners?

Question

Quizplus · Accepted Answer

Corporations are legal entities that exist separate and distinct from their owners. This means that corporations can enter into contracts, own assets, and conduct business in their own name, without the direct involvement of their owners. Sole proprietorships and partnerships, on the other hand, do not have this separate legal existence – they are essentially extensions of their owners' personal assets and liabilities. The number of partners in an organization does not determine its legal status as a separate entity.

Which of the Following Are Considered to Be Legal Entities