Question: Question 49 (1 point)Which of the following is true about a corporation?It combines the advantages of the other forms-sole proprietorship, partnership, and limited liabilitycorporation.Only a for-profit business can be registered as a corporation.For liability purposes, it functions as general partnership.For tax purposes, it functions as a partnership.It

Question $49(1$ point$)$

Which of the following is true about a corporation?

It combines the advantages of the other forms$-$sole proprietorship, partnership, and limited liability

corporation.

Only a for$-$profit business can be registered as a corporation.

For liability purposes, it functions as general partnership.

For tax purposes, it functions as a partnership.

It exists as a legal entity separate from its owners.