A business created as a distinct legal entity and treated as a legal "person" is called a:
A)corporation.
B)sole proprietorship.
C)general partnership.
D)limited partnership.
E)unlimited liability company.

Question

Quizplus · Accepted Answer

A corporation is a distinct legal entity that is separate from its owners/shareholders. It is treated as a separate "person" in terms of legal rights and obligations. This means that a corporation can own property, enter into contracts, sue and be sued in its own name, and has limited liability for its owners.

A Business Created as a Distinct Legal Entity and Treated