A Corporation Is a Legal Entity Chartered by the State,with

question 96

True/False

A corporation is a legal entity chartered by the state,with a separate and distinct existence from its owners.

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Definitions:

Full Payment

The complete settlement of a debt or obligation, leaving no balance.

Court Approval

The formal endorsement by a judge or court of an action, agreement, or decision before it can legally take effect.

Preferential Payment

A payment made by a debtor that favors one creditor over others, often scrutinized in bankruptcy proceedings.

Consumer Debt

Debt that is incurred by an individual primarily for personal, family, or household purposes.