A corporation is:_________
A) Not responsible for its own acts and own debts.
B) A business legally separate from its owners.
C) Not subject to double taxation.
D) The same as a limited liability partnership.
E) Controlled by the FASB.

A corporation is an organization which is seen legally as being separate from the owner(s). Legally, a corporation is seen as being on its own and therefore can: obtain loans, be Sue, pay taxes etc.

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BenitoMarin BenitoMarin · Answer 2 · 2020-02-16T05:56:13+01:00

Answer:

The correct answer is letter "B": A business legally separate from its owners.

Explanation:

A Corporation is a defined entity. Corporations are considered to be separate legal entities from their owners according to law. This means companies themselves are legally liable for their acts and debts, not the shareholders. When a company credits debts, the creditors have claims against the corporation's properties, not the owners' assets.

A corporation is:_________ A) Not responsible for its own acts and own debts. B) A business legally separate from its owners. C) Not subject to double taxation. D) The same as a limited liability partnership. E) Controlled by the FASB.

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A corporation is:_________
A) Not responsible for its own acts and own debts.
B) A business legally separate from its owners.
C) Not subject to double taxation.
D) The same as a limited liability partnership.
E) Controlled by the FASB.