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6 October, 09:59

Under which one of the following business organizations do the owners have unlimited liability for all debts of the firm?

a. partnership

b. limited partnership

c. corporation subchapter

d. S corporation

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Answers (1)
  1. 6 October, 10:28
    0
    a. partnership

    Explanation:

    A partnership is when at least two people come together to start a business.

    A partnership has unlimited liabilities. It means the personal assets of partners can be used to pay off the debts of the business.

    A limited liability company is a company in which the liability of partners is limited to the amount invested in the business.

    A corporation is a business where investors can become owners of the company by purchasing shares of the company. A corporation has limited liability. S corporation and corporation subchapter are types of corporation with at most 100 shareholders. The s corporation and corporation subchapter are taxed like a partnership.
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