Question

Describe what it means for a corporation to have legal status as an entity.

Answer 1

A corporation is a legal entity created through the laws of its state of incorporation. The law treats a corporation as a legal "person" that has standing to sue and be sued, distinct from its stockholders. The legal independence of a corporation prevents shareholders from being personally liable for corporate debts.

Step-by-step explanation:

Answer 2

A corporation is a legal entity created through the laws of its state of incorporation. The law treats a corporation as a legal "person" that has standing to sue and be sued, distinct from its stockholders. The legal independence of a corporation prevents shareholders from being personally liable for corporate debts.