Which type of business is legally considered a separate entity from its owners and is liable for its own debts?
A) Sole proprietorship
B) Corporation
C) Limited partnership
D) Cooperative
E) General partnership

Question

Quizplus · Accepted Answer

A corporation is legally considered a separate entity from its owners, known as shareholders, and is liable for its own debts. Shareholders are not personally responsible for the corporation's debts and losses beyond their investment in the company.

Which Type of Business Is Legally Considered a Separate Entity