fx A 5 6 7 8 a a Calibri 11 BI USA B C D E F G H 1. A corporation is an entity separate and distinct from its owners 11 2. As a legal entity, a corporation has most of the rights and privileges of a person 9 10 4 J K M 12 13 14 15 16 17 3. Most of the largest US corporations are privately held corporations 228228 22 18 19 20 21 23 4. Corporations may buy, own and sell property: borrow money: enter into legally binding contracts; and sue and be sued. 24 25 BE 11-7 and 10 E11-1 0