Question

Candy Emporium is a legal entity whose assets and liabilities are separate from its owners. It can receive, own, and transfer property, enter into contracts with individuals or other legal entities, and sue and be sued in court. What type of business is Candy Emporium?

Answer 1

Answer:

Corporation

Explanation:

According to my research on the different types of businesses, I can say that based on the information provided within the question Candy Emporium is considered to be a Corporation. This is because a Corporation is defined as a legal entity in which all assets and liabilities are separate and distinct from the people or person who founded the business. Which is why they are sometimes known as a "legal person" since they have all the rights and responsibilities as if they were an individual person. Since the description in the question is on par with the definition of a Corporation then we can say that this is what Candy Emporium is.

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Answer 2

Answer:

Candy Emporium is Corporation

Explanation:

Corporation refers to "any corporation that, under United States federal income tax law, is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately. Most major companies (and many smaller companies) are treated as C corporations for U.S. federal income tax purposes. A C corporation has no limit on the number of shareholders, foreign or domestic. Any distribution from the earnings and profits of a C corporation is treated as a dividend for U.S. income tax purposes."

Reference: Boundless, Boundless.com. “Corporations” Lumen, 2019