Which term refers to businesses with a legal existence, including rights and liabilities, apart from those of their members?

Question

Quizplus · Accepted Answer

A corporation is a legal entity separate from its owners, with its own rights and liabilities. This means that if the corporation owes debts or is sued, the shareholders are generally not personally responsible for those liabilities. Family businesses and conglomerates are not necessarily legal entities with separate rights and liabilities, and interlocking directorates refer to a situation where several corporations have the same people serving on their boards of directors.

Which Term Refers to Businesses with a Legal Existence, Including