separate legal entity which forms a board to act as governing bodies\nbusiness which is granted a charter…

separate legal entity which forms a board to act as governing bodies\nbusiness which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members\npartners have an unequal share and liability in the business; they are responsible only for the amount they invested\npartners share equal liability in the profits and losses of the business\ncorporation general partnership separate legal entity limited partnership

separate legal entity which forms a board to act as governing bodies\nbusiness which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members\npartners have an unequal share and liability in the business; they are responsible only for the amount they invested\npartners share equal liability in the profits and losses of the business\ncorporation general partnership separate legal entity limited partnership

Answer

Brief Explanations:

  1. A corporation is a separate legal entity which forms a board to act as governing bodies. It is also a business which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members.
  2. In a limited partnership, partners have an unequal share and liability in the business; they are responsible only for the amount they invested.
  3. In a general partnership, partners share equal liability in the profits and losses of the business. A separate - legal entity is a broad concept, and a corporation is a type of separate legal entity.

Answer:

  1. separate legal entity which forms a board to act as governing bodies - Corporation
  2. business which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members - Corporation
  3. partners have an unequal share and liability in the business; they are responsible only for the amount they invested - Limited Partnership
  4. partners share equal liability in the profits and losses of the business - General Partnership