Question

what does it mean by separate legal entity? type your answer here rewatch submit

Explanation:

A separate legal entity is a business or organization that is recognized by law as having its own distinct legal existence, separate from its owners, members, or managers. This means it can enter into contracts, own property, sue or be sued, and be held liable for its own actions and obligations, independent of the individuals associated with it (e.g., shareholders of a corporation are generally not personally liable for the corporation's debts beyond their investment).

Answer:

A separate legal entity is a business/organization with distinct legal existence from its owners/members, able to contract, own property, sue/be sued, and be liable for its own actions/obligations (owners not personally liable beyond investment, e.g., a corporation).