Which theory recognizes that a corporation is treated as a person, although it is not a natural person?

The correct answer pertains to the concession theory, which recognizes that a corporation is treated as a legal person, although it is not a natural person. This theory highlights the legal status granted to corporations, allowing them to hold rights, enter into contracts, sue, and be sued as if they were individuals.

Under the concession theory, the existence of a corporation is based on the privileges and rights granted to it by law. This legal persona is significant in the context of liability, ownership of property, and the ability to participate in legal proceedings. While natural persons have inherent rights, a corporation's status as a "person" is conferred through legislative enactment and selective recognition by the legal system.

The other theories do not adequately capture this legal framework. The symbol theory focuses on the corporate form as a symbol rather than emphasizing its legal personhood. The Genessonchaft theory does not pertain to how corporations are viewed legally within the context of personhood. The realist theory, while it may examine the practical effects of corporate existence, does not specifically address the legal recognition of a corporation as a person in the same manner as the concession theory. Therefore, the concession theory is the most accurate description of how corporations are recognized as persons under the law.