A _____ is a legal entity created by permission of a state or federal government. Answer
a. limited partnership
b. sole proprietorship
c. general partnership
d. corporation
A Corporation is a legal entity created by permission of a state or federal government. This is where a company or a group of people are authorized by the law to act as a single legal entity. All shareholders of a corporation have a limited liability. This means that they have the right to participate in the profits earned by the corporation through the form of dividends and/or appreciation of stock. But these people are not held personally liable for the company's debts.
