A legal entry chartered by a state or the federal govt. which is district and separate from the individuals who own it ?
Correct answer: C. Corporation
- A. Co-operative
- B. Partnership
- C. Corporation
- D. None
Explanation
A corporation is a separate legal entity created under state or federal law, so it owns property and bears liabilities independently of its shareholders. A partnership does not generally have this same fully separate corporate personality.
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