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What is meant by a corporation's having a separate legal identity? If two people enter into a business together with the object of making money

  1. What is meant by a corporation's having a separate legal identity?
  2. If two people enter into a business together with the object of making money but lose it instead, can the business still be a partnership?
  3. Partners have fiduciary obligations to each other.Explain what this means and give examples.

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