A business entity which is legally separate and distinct from its owners is called a:

Question

Quizplus · Accepted Answer

A corporation is a business entity that is a separate legal entity from its owners, meaning it has its own legal rights and responsibilities. This is in contrast to sole proprietorships and partnerships, where the owners are personally liable for the business's debts and legal obligations. Service company is a vague term that could refer to any type of business entity.

A Business Entity Which Is Legally Separate and Distinct from Its