Question

A corporation is: Multiple Choice A business legally separate from its owners. Controlled by the FASB. Not responsible for its own acts and own debts. The same as a limited liability partnership. Not subject to double taxation.

Answer 1

A corporation is a business legally separate from its owners.

Corporation

It is an entity that is separate and distinct from its owners. It possesses rights the same as those of an individual. Like an individual it can:

• Enter into contracts

• Borrow loans

• Buy their own assets

Options Available

Given the multiple-choice questions, the corporation cannot be controlled by FASB. As FASB is an accounting board to establish accounting principles used by the organizations.

Moreover, a corporation is responsible for its own acts and debts. Therefore, this point is invalid.

Finally, it is also not a limited liability partnership. Hence, the point "A business legally separate from its owners" is not the correct multiple choice answer.

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