A __ has state-chartered legal status as a separate entity, along with property rights and obligations and an indefinite life span. A. cooperative B. corporation C. sole proprietorship D. franchise E. limited partnership

## Step 1<br />The problem is asking us to identify the type of business entity that has state-chartered legal status as a separate entity, along with property rights and obligations and an indefinite life span. <br /><br />## Step 2<br />Let's analyze each option:<br />- A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit. It does not typically have state-chartered legal status as a separate entity.<br />- A corporation is a type of business structure that is legally distinct from its owners, meaning it has its own rights, privileges, and liabilities apart from the individuals who own it. Corporations are granted state-chartered legal status as separate entities, have property rights and obligations, and typically have an indefinite life span.<br />- A sole proprietorship is a business owned and operated by one individual. It does not have state-chartered legal status as a separate entity.<br />- A franchise is a type of business that is granted the rights to operate under a larger company's trademark. It does not typically have state-chartered legal status as a separate entity.<br />- A limited partnership consists of at least one general partner and one limited partner. It does not typically have state-chartered legal status as a separate entity.<br /><br />## Step 3<br />Based on the analysis, the correct answer is B. Corporation, as it is the only option that fits the description provided in the question.