Answer:
Corporation
Explanation:
A corporation is the type of business ownership where the owners and the business are regarded as separate and distinct entities. In their formation, corporations have limited liability feature. Limited liabilities distinguishes the assets of the corporations from those of the owners.
When duly registered, a corporation acquires the right to own property, enter into commercial contracts, sue or be sued. In other words, a corporation becomes a legal business person. There various types of a corporation such as S corporation and C corporation. Limited liability companies may also be regarded as corporations as they have the limited liability feature.
