Asked by Shalonda Lyons on Jul 17, 2024
Verified
A business that is a distinct legal entity is a:
A) Proprietorship.
B) Partnership with only two partners.
C) Limited partnership.
D) General partnership.
E) Corporation.
Distinct Legal Entity
This term refers to a business structure that is recognized as separate from its owners, having its own rights and liabilities.
Corporation
A legal entity that is separate and distinct from its owners, recognized by law as having rights and liabilities.
General Partnership
A business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a partnership agreement.
- Detect and grasp the exclusive attributes of assorted business structures like sole proprietorships, partnerships, limited partnerships, corporations, and limited liability companies.
Verified Answer
MM
Maurisio MartinezJul 19, 2024
Final Answer :
E
Explanation :
A corporation is a distinct legal entity separate from its owners, providing limited liability protection, the ability to raise capital through stock sales, and perpetual existence.
Learning Objectives
- Detect and grasp the exclusive attributes of assorted business structures like sole proprietorships, partnerships, limited partnerships, corporations, and limited liability companies.