A ________ is a business that is legally considered a separate entity from its owners and is liable for its own debts.

Question

Quizplus · Accepted Answer

A corporation is a legal entity that is separate from its owners (shareholders) and is liable for its own debts. This means that the shareholders' personal assets are not at risk if the company incurs debt or faces legal action. Instead, the corporation's assets are used to settle any debts or legal claims.

A ________ Is a Business That Is Legally Considered a Separate