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Laila Vongsavath
on Nov 10, 2024

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Which of the following is considered to be a separate legal person in law?

A) A sole proprietorship
B) A partnership
C) A corporation
D) An agency
E) A professional practice

Sole Proprietorship

A Sole Proprietorship is a type of business entity that is owned and run by one individual, with no distinction between the business and the owner, making the owner personally liable for the debts of the business.

Legal Person

An individual or organization capable of bearing legal rights and obligations, including the ability to enter into contracts and sue or be sued.

Corporation

A legal entity recognized by law as a separate entity from its owners, providing limited liability but allowing it to enter into contracts, sue, and be sued.

  • Understand the characteristics and liabilities associated with different forms of business organizations, specifically sole proprietorships, partnerships, and corporations.
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Brianna KolmerNov 16, 2024
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