What term describes a corporation that can be held legally accountable for its debts?

A corporation that can be held legally accountable for its debts is referred to as a corporation aggregate. This type of corporation is recognized by law as a separate legal entity from its owners, which allows it to own assets, incur liabilities, and enter into contracts in its own name. The key aspect of a corporation aggregate is that it has a continuous existence, independent of the lifespan of its shareholders or members. This characteristic means that the corporation itself bears legal liability for its debts, protecting individual shareholders from personal obligation to pay those debts.

In contrast, the other options describe different types of corporate structures or entities that either do not hold the same legal accountability for debts or are not recognized in the same way:

• A parent or holding corporation typically refers to a company that owns controlling shares in one or more other companies, but it is not the definition of a corporation that can be held accountable for its debts in general.

• A betting corporation, while having specific regulatory definitions depending on jurisdiction, does not encompass the broad legal liabilities applicable to a corporation aggregate.

• A corporation sole is a unique type of corporation typically used by religious organizations to hold property and is not relevant when discussing general corporate accountability for debts.

Thus, the term corporation aggregate best fits the criteria of a