A legal entity created by the state and existing apart from its owners is known as:

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Quizplus · Accepted Answer

A corporation is a legal entity created by the state that exists apart from its owners. This means that it can enter into contracts, sue and be sued, and own and transfer property, among other things, just like an individual person. A partnership is a business owned by two or more people, a proprietorship is a business owned by one person, an association is a group of people organized for a specific purpose, and a trade alliance is a group of businesses that work together to promote their mutual interests.

A Legal Entity Created by the State and Existing Apart