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23 August, 02:01

In what type of business do the owners bear no personal financial responsibility for the company's debts and obligations?

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  1. 23 August, 02:17
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    corporations

    Explanation:

    A corporation is a limited liability form of business ownership. It is considered a separate and district entity from the owners. As per the law, a corporation is a legal person. It can do business transactions, own properties, incur liabilities, sue, and be sued.

    Due to its limited liability feature, the owners of corporations are not liable to its debts. Limited liability protects the properties of shareholders from being interfered with should the corporation fail to pay its obligations. The owners are liable up to the extent of the share contribution.
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