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 separate legal entity from its owners and is allowed to conduct business, own assets, and conduct contracts. As a separate legal entity, it is subject to federal and state laws, can be sued, and is taxed as a separate entity. Additionally, a corporation can own land and buildings. Therefore, the best description of a corporation is that it is a taxable entity.

A Corporation Can BEST Be Described by Which of the Following