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What is a key characteristic of a corporation?
What is a key characteristic of a corporation?
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Practice Questions
1 question
Q1
What is a key characteristic of a corporation?
Unlimited liability
Limited lifespan
Separate legal entity
Direct taxation
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A corporation is a separate legal entity, meaning it can own assets and incur liabilities independently of its owners.
Questions & Step-by-step Solutions
1 item
Q
Q: What is a key characteristic of a corporation?
Solution:
A corporation is a separate legal entity, meaning it can own assets and incur liabilities independently of its owners.
Steps: 4
Show Steps
Step 1: Understand that a corporation is a type of business organization.
Step 2: Learn that a corporation is considered a separate legal entity.
Step 3: Recognize that being a separate legal entity means the corporation can own things, like property or money.
Step 4: Realize that the corporation can also take on debts or obligations without affecting the personal assets of its owners.
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