Which of the following best describes a corporation's legal status:
a. Corporations are distinct legal entities which provide protection for investor's personal liability resulting from the operation of a business •
b. Corporations are groups of individuals collectively operating businesses
c. Corporations are distinct legal entities which provide tax advantages but little protection for investor's personal liability resulting from the operation of a business
d. None of the other answers is correct
e. Corporations are associations which provide tax advantages and protection for investor's personal liability resulting from the operation of a business