Which one of the following statements is NOT true regarding a business with a legal personality? a. The business is dependent on its members. b. The business has its own rights, assets and obligations. c. The existence of the business is

The statement that is NOT true regarding a business with a legal personality is: **a. The business is dependent on its members.** A business with legal personality, such as a corporation, exists independently of its members (shareholders or owners). This means that it can continue to operate regardless of changes in its membership, thus it is not dependent on its members.