The concept of 39 separate Legal entity 39 is applicable to which of the following types of business...........

Accountancy (Phase -I & II) Accounting for Shares

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The concept of 'separate Legal entity' is applicable to which of the following types of businesses?

Sole proprietorship

Corporation

Partnership

All of the above

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Explanation:

Ownership in business entities can be a sole proprietorship, partnership, or corporation. From the accounting perspective and its purpose these types of business are considered separate entities from their owners. The corporation is only one considered as a separate legal entity