Match the term with its definition.
-A business organization that is recognized by the law as having a separate legal existence

Question

Quizplus · Accepted Answer

A legal entity is a business organization that is recognized by the law as having a separate legal existence, separate from its owners or shareholders.

Option A: Board of directors is a group of individuals elected to represent shareholders and oversee the management of a company.
Option B: A general partner is a partner in a partnership who has unlimited liability for the debts and obligations of the partnership.
Option D: A limited liability company (LLC) is a type of legal structure that combines the liability protection of a corporation with the simplicity and tax flexibility of a partnership.
Option E: Limited partners are partners in a partnership who have limited liability for the debts and obligations of the partnership.
Option F: A nonprofit corporation is a type of legal structure that is created for charitable, educational, religious, literary, or scientific purposes and is exempt from certain taxes.
Option G: A partnership agreement is a legal contract between partners in a partnership that outlines the terms and conditions of the partnership.
Option H: A sole proprietorship is a type of business owned and operated by a single individual who is personally liable for the debts and obligations of the business.
Option I: A social network is an online platform that connects people based on common interests or relationships.

Match the Term with Its Definition