Asked by Sandra Belgarde on Jun 01, 2024
Verified
A ________ is owned by shareholders who elect a board of directors to manage the business.
A) limited liability company
B) corporation
C) partnership
D) sole proprietorship
Corporation
A legal entity recognized by law as a separate entity from its owners with its own rights, liabilities, and obligations.
Board of Directors
A group of individuals elected to represent shareholders and govern the corporation's affairs and decision-making processes.
- Comprehend the features and configurations of different business formations, such as corporations, sole proprietorships, partnerships, and limited liability companies (LLCs).
Verified Answer
HH
Helene HaegerstrandJun 07, 2024
Final Answer :
B
Explanation :
A corporation is owned by shareholders who elect a board of directors to manage the business.The board of directors often selects officers to run the day-to-day affairs of the business.
Learning Objectives
- Comprehend the features and configurations of different business formations, such as corporations, sole proprietorships, partnerships, and limited liability companies (LLCs).