A corporation can best be described by which of the following statements?
A) It cannot be sued.
B) It is subject to federal laws only.
C) It is a taxable entity.
D) It cannot own land but can own buildings.

Question

Quizplus · Accepted Answer

A corporation is a legal entity that is separate from its owners or shareholders, which means that it can be taxed as a separate entity. It can also own assets such as land and buildings, and is subject to both state and federal laws. While a corporation can be sued, it is generally not liable for the personal debts or legal issues of its shareholders, officers, or directors.

A Corporation Can Best Be Described by Which of the Following