A corporation:A. is ultimately controlled by its board of directors. B. is a legal entity separate from its owners. C. is prohibited from entering into contractual agreements. D. has its identity defined by its bylaws. E. has its existence regulated by the rules set forth in its charter

Answer: Option (B)

Explanation:

A corporation is referred to as the organization or a group of individuals that have been officially recognized by the federal government or the state in order to operate as the single body and thus is further recognized under the law for particular reasons. Most of the traditional entities in the early days were formulated by the charter. Nowadays, they are established by registration.