Question

Jack Smith and four other people own Persimmon Hill Farm, an agric-entertainment farm which provides corn mazes, bonfires, hay rides, and food treats to paying visitors. All of the owners have limited financial risk. Persimmon Hill Farm is a(n)_____________.

Answer 1

Answer:Corperation

Explanation: A corporation is an organization usually a group of people or a company authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration.

Answer 2

Answer:

The correct answer is letter "C": corporation.

Explanation:

Corporations are considered to be separate legal entities from their owners according to law. That means corporations themselves are legally liable for their actions and debts, not the owners. If a corporation falls into debts, then creditors have claims against the corporation's assets, not the owners' personal assets.