Which term refers to a legally recognized person who shares many of the rights of a human individual as well as the ability to act as a legal entity by entering into contracts or owning property?

The answer is corporation.

Explanation:

Also known as "legal person", a corporation is a separate entity from its owners, and as such it has the same rights and obligations as an individual: enter contracts, pay taxes or recruiting employees.

A corporation involves limited liability, meaning the members are are not responsible for the company's faults or obligations.

answer; engram;