A separate legal entity organized under the authority of a state is referred to as a ________.
A) limited partnership
B) conglomerate
C) general partnership
D) sole proprietorship
E) corporation

Question

Quizplus · Accepted Answer

The definition provided fits that of a corporation. A corporation is a legal entity that is separate and distinct from its owners and is authorized by the state in which it is registered. A limited partnership and general partnership are forms of businesses that are not separate legal entities, while a conglomerate is a group of different companies operating under one parent company. A sole proprietorship is a business owned by a single individual and is not considered a separate legal entity.

A Separate Legal Entity Organized Under the Authority of a State