Questions: Identify the form of business that is considered a separate legal entity. Multiple Choice a sole proprietorship a corporation a limited liability partnership a partnership

Identify the form of business that is considered a separate legal entity. Multiple Choice a sole proprietorship a corporation a limited liability partnership a partnership
Transcript text: Identify the form of business that is considered a separate legal entity. Multiple Choice a sole proprietorship a corporation a limited liability partnership a partnership
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Solution

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The answer is: a corporation.

Explanation for each option:

  1. a sole proprietorship: This is incorrect. A sole proprietorship is not considered a separate legal entity. It is owned and operated by one individual, and there is no legal distinction between the owner and the business. The owner is personally liable for all business debts and obligations.

  2. a corporation: This is correct. A corporation is considered a separate legal entity from its owners (shareholders). It can own property, incur debt, sue, and be sued in its own name. The shareholders have limited liability, meaning they are not personally responsible for the corporation's debts and liabilities.

  3. a limited liability partnership: This is incorrect. While a limited liability partnership (LLP) does provide some liability protection to its partners, it is not considered a separate legal entity in the same way a corporation is. The partners in an LLP are still personally liable for their own actions and the actions of those they supervise.

  4. a partnership: This is incorrect. A partnership is not a separate legal entity. It is a business arrangement where two or more individuals share ownership and the responsibilities of running the business. Partners are personally liable for the debts and obligations of the partnership.

In summary, among the options provided, only a corporation is considered a separate legal entity.

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