A____________ is a business entity in which the shareholders are members of the same profession, purchase the corporation's stock, own the firm, share in the profits and losses of the firm in proportion to the number of shares they own, and have limited personal liability.

Question

Quizplus · Accepted Answer

A professional corporation is specifically designed for professionals such as doctors, lawyers, and accountants, allowing them to incorporate their practices. This structure provides them with limited personal liability while enabling them to share profits and losses in proportion to their ownership stake.

A____________ Is a Business Entity in Which the Shareholders Are