Which form(s)of business is a treated as a distinct legal entity separate from its owners?
A)Limited partnership
B)Sole proprietorship
C)General partnership
D)Corporation
E)Both a limited partnership and a corporation

Question

Quizplus · Accepted Answer

A corporation is treated as a distinct legal entity separate from its owners, which means that it can own assets, enter into contracts, and sue or be sued in its own name. The owners or shareholders have limited liability, meaning that they are not personally responsible for the corporation's debts or obligations beyond their investment in the company. The other options listed (limited partnership, sole proprietorship, general partnership) do not have this distinct legal entity status and do not offer the same level of limited liability protection.

Which Form(s)of Business Is a Treated as a Distinct Legal