A corporation is:
A) Not responsible for its own acts and own debts.
B) A business legally separate from its owners.
C) Not subject to double taxation.
D) The same as a limited liability partnership.
E) Controlled by the FASB.

The correct answer is letter "B": A business legally separate from its owners.

Explanation:

A Corporation is a defined entity. Corporations are considered to be separate legal entities from their owners according to law. This means companies themselves are legally liable for their acts and debts, not the shareholders. When a company credits debts, the creditors have claims against the corporation's properties, not the owners' assets.

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