Which of the following is a common form of business ownership with limited personal liability?

A corporation is indeed a common form of business ownership that features limited personal liability for its owners, also known as shareholders. This structure means that the personal assets of the shareholders are generally protected from the debts and liabilities of the corporation. Consequently, if the corporation faces legal issues or financial troubles, the shareholders would typically only lose the amount they invested in the company, rather than facing the risk of losing personal assets such as homes or savings.

This limited liability is a significant advantage for individuals considering investing in or starting a business, as it provides a layer of security and encourages investment. Moreover, corporations have a distinct legal identity, allowing them to enter into contracts, sue, and be sued separately from their owners. This separation between personal and business finances is a key characteristic that defines the corporate structure, making it an attractive option for many entrepreneurs.