The limited liability provided to limited partners means that they are not responsible for the debts of the business beyond
A. the firm's total assets.
B. the amount they have invested in the company.
C. the percentage of profits they are entitled to earn.
D. their total personal assets.
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Which of the following is an advantage of a partnership?
A. Ease of starting and ending the business
B. Unlimited liability
C. Shared management and pooled skills
D. Little time commitment
An owner of a corporation is known as a
A. general partner.
B. limited partner.
C. director.
D. stockholder.
Which of the following is an advantage of the corporate form of business when compared to sole proprietorships and partnerships?
A. Ease of formation
B. Lower taxes
C. Simplified paperwork
D. Limited liability of owners
What entity elects the board of directors for a corporation?
A. Creditors
B. Stockholders
C. Managers
D. Employees
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