Which of the following best describes a 'Corporation'?

A corporation is best described as a legal entity granted rights under law. This means that a corporation is recognized by the law as a separate entity from its owners and can own property, enter into contracts, and incur liabilities in its name. This legal recognition allows the corporation to operate in a manner similar to an individual, giving it certain rights and responsibilities that facilitate business operations.

The structure of a corporation provides limited liability protection to its shareholders, meaning that they are typically not personally liable for the debts and obligations of the corporation beyond their investment. This is one of the primary reasons why individuals choose to form corporations, as it helps protect personal assets.

In contrast, the other options describe entities or structures that lack this distinct legal status. For instance, a group of individuals without legal recognition does not constitute a corporation, nor does a partnership, which comprises individuals who share ownership and responsibilities but do not enjoy the same legal separation from personal liability as a corporation. Similarly, a single person acting under a business name does not provide the benefits of a legal entity; rather, it would typically be classified as a sole proprietorship, which does not enjoy the legal recognition that a corporation does.