Q939
Legal entity separation from its legal owners and managers with help of state laws is classified as
A.
controlled corporate business
B.
Corporation
AnswerC.
limited corporate business
D.
unlimited corporate business
Answer: Option B
Solution
Answer: Option B
Solution:
Legal entity separation from its legal owners and managers with help of state laws is classified as Corporation. A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that individuals possess: they can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.