A Corporation Is a Legal Entity with an Unending Life

question 49

True/False

A corporation is a legal entity with an unending life and limited financial liability to its owners.

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Definitions:

Legal Precedent

A principle or rule established in a previous legal case that is either binding or persuasive for a court when deciding subsequent cases with similar issues or facts.

Legal Decision

A ruling or resolution made by a court or legal authority that resolves a dispute or interprets a law.

Case of First Impression

A legal case with issues never before decided by the court, presenting a unique opportunity for setting new legal precedent.

Existing Law

The body of law or legislation that is currently in effect and governs particular matters or jurisdictions.