Which type of organization has the legal rights of a person and can be owned by multiple individuals or corporations?

The correct answer is a corporation because it is a legal entity that is separate from its owners, meaning it has the legal rights of a person. This allows it to enter into contracts, sue and be sued, own assets, and incur liabilities independently of its shareholders. A corporation can be owned by multiple individuals or entities, allowing for shared ownership through the issuance of stock. This characteristic also limits the liability of its owners to the amount they have invested in the corporation, protecting personal assets from business debts and obligations.

In contrast, a sole proprietorship is owned by a single individual and does not have a separate legal status, exposing the owner to personal liability for business debts. A partnership involves two or more individuals who share ownership and profits but does not have the same level of legal protection as a corporation. Similarly, a limited liability company (LLC) format offers some owner protections, but it is distinct from a corporation in its structure and regulatory framework. Thus, the unique attributes of a corporation make it the correct choice in this context.