A corporation:

Question

A corporation:

Quizplus · Accepted Answer

A corporation has owners who have limited liability, meaning the owners are not personally responsible for the debts and obligations of the corporation. This is one of the main advantages of organizing as a corporation. A corporation can also own property, but it is not managed by the shareholders as they elect the board of directors to manage the corporation, and the owners of a corporation do have mutual agency, but this is not the defining characteristic of a corporation.

A Corporation