Which term refers to a legally recognized person who shares many of the rights of a human individual as well as the ability to act as a legal entity by entering into contracts or owning property?

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Social Studies

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2 April, 14:20

Which term refers to a legally recognized person who shares many of the rights of a human individual as well as the ability to act as a legal entity by entering into contracts or owning property?

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Answers (1)

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Oliver Allen · Answer 1

The answer is corporation.

Explanation:

Also known as "legal person", a corporation is a separate entity from its owners, and as such it has the same rights and obligations as an individual: enter contracts, pay taxes or recruiting employees.

A corporation involves limited liability, meaning the members are are not responsible for the company's faults or obligations.