A Corporation Is a Separate Legal Entity Capable of Owning

question 42

True/False

A corporation is a separate legal entity capable of owning property, contracting, and being sued in its own name.

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Definitions:

Primarily Rental

A classification for a property used mainly for rental purposes, affecting tax treatment and deductions.

Plumbing Repair

Refers to the services and actions taken to fix, maintain, or install water, gas, and sewage systems in residential or commercial properties.

Rental Income

Revenue generated by leasing property or equipment.

Primarily Rental

Pertaining to the use of property mainly for rental purposes, which may affect the tax treatment of income and expenses related to the property.