Question

A "legal entity" which can sue and be sued, make and be party to contracts, and acquire property in its own name is

A)

a sole proprietorship.

B)

a partnership.

C)

a professional partnership.

D)

a corporation.

Answer 1

A corporation is a legal entity separate from its owners that offers limited liability protection.

Step-by-step explanation:

A corporation is a legal entity that can sue and be sued, make and be party to contracts, and acquire property in its own name. It is a separate and distinct entity from its owners, known as shareholders, and offers limited liability protection. This means that the shareholders' personal assets are generally protected from the debts and obligations of the corporation.For example, if a person owns shares in a corporation and the corporation is sued, the person's personal assets would not typically be at risk.In contrast, a sole proprietorship and partnership do not offer this same level of legal protection.