A corporation is NOT Question 13 Not yet answered Points out of P Flag question Select one: a. A state chartered legal entity that is separate from ownership and management that is subject to double taxation b. An entity with profits that require taxes to be assessed twice once at the time that the funds are received and secondly when the funds are converted to retained earnings. 6. An entity that may be public or private with a diverse ownership and the ability to exist well beyond the lives of its owners d. An entity that can pane income to owners to be taxed at the owners' individual tax rate if the firm has less than 100 owners and generally remains private. e. An entity where the investors are not guaranteed a level of payout, but cannot lose more than the amount that they have invested in the firm