A corporation is a
A) business with at least $100,000 in assets.
B) form of business organization in which 10 or more people agree to conduct a business.
C) business organization with a charter from the federal government.
D) firm owned by a single person.
E) fictitious legal person separate and distinct from its owners.

Question

Quizplus · Accepted Answer

A corporation is a fictitious legal person separate and distinct from its owners. This means that the corporation has its own legal rights and liabilities, and can enter into contracts, sue and be sued, and own property. The owners of a corporation are shareholders, who own shares of stock in the company.

A Corporation Is a