Examlex
Which statement is not part of the definition of art?
Distinct Legal Entity
Refers to a business that is legally considered separate from its owners, meaning it can own property, incur debts, and be sued independently.
Corporation
A legal entity that is separate and distinct from its owners, offering limited liability to its shareholders, and having the ability to own property, enter contracts, and sue or be sued.
Taxable Income
Earnings subject to taxation, which equals gross income minus any allowable deductions and exemptions.
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