Generally,an Inheritance May Never Be Renounced

question 1

True/False

Generally,an inheritance may never be renounced.

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Definitions:

Incorporate

To form a legal corporation, allowing a business to operate as a separate legal entity from its owners, with its own rights and liabilities.

Incorporation Process

The incorporation process involves the legal procedure of creating a corporation, which is a type of recognized legal entity separate from its owners, providing limited liability and other benefits.

Statutory Agent

A person or entity appointed to receive legal documents on behalf of a corporation or other legal entity.

Individually Liable

Responsibility of a person to bear the loss or fulfill obligations from their personal assets, independently of others' liabilities.