A corporation:
A) Is a business legally separate from its owners.
B) Is controlled by the IASB.
C) Has shareholders who have unlimited liability for the acts of the corporation.
D) Is the same as a limited liability partnership.
E) Is not subject to double taxation.

Question

Quizplus · Accepted Answer

A corporation is a business structure that is legally separate from its owners, meaning that the corporation can enter into contracts, own assets, and sue or be sued in its own name. This separation of ownership means that shareholders have limited liability for the corporation's debts and actions, making it a popular choice for larger businesses.

A Corporation