What term describes a corporation having a distinct existence separate from its individual members?

The term that best describes a corporation having a distinct existence separate from its individual members is "Entity." In the context of corporate law, an "entity" refers to an organization that has its own legal identity, which is distinct from the individuals who own or operate it. This characteristic allows the corporation to enter contracts, own property, incur debts, and be liable for its actions independently of its members or shareholders.

This principle of separate legal personality is fundamental to corporate structure and provides significant benefits, including limited liability for shareholders, meaning that their personal assets are generally protected from the corporation's debts and liabilities. This legal separation helps maintain the continuity and stability of the corporation regardless of changes in ownership or management, differentiating it from other forms of business association.