Answered: Owners in which of the following forms…

Owners in which of the following forms of business have unlimited liability? a. sole proprietorships b. limited partnerships c. corporations d. LLCs

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 7MC: Owners have no personal liability under which legal business structure? A. a corporation B. a...

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Question

Owners in which of the following forms of business have unlimited liability?

a. sole proprietorships

b. limited partnerships

c. corporations

d. LLCs

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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