A Corporation

question 30

Multiple Choice

A corporation:

• A)Is a legal entity separate and distinct from its owners.
• B)Must have many owners.
• C)Has shareholders who have unlimited liability for the acts of the corporation.
• D)Is the same as a limited liability partnership.
• E)Does not have to pay taxes.

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Definitions:

iPhone

A line of smartphones designed and marketed by Apple Inc., featuring a multi-touch interface, cellular connectivity, and a variety of applications.

Reasonable Care

The degree of care that a reasonably prudent person would have used under the same circumstances and conditions.

Liable

Liable refers to the state of being legally responsible for something, typically involving the obligation to compensate for damage or loss caused.

Gross Negligence

Very great negligence.