Asked by diksha pathria on Jun 19, 2024
Verified
A business firm with more than one owner and unlimited liability is
A) a proprietorship.
B) a partnership.
C) a corporation.
D) none of these.
Unlimited Liability
A legal structure in which the owners of a business are personally liable for all the debts and obligations of the business, extending beyond the amount invested.
Partnership
A legal business arrangement where two or more individuals share ownership, profits, risks, and responsibilities.
- Discern the unique aspects and traits of various organizational forms.
Verified Answer
MC
Malcolm CasonJun 25, 2024
Final Answer :
B
Explanation :
A business with more than one owner and unlimited liability is a partnership. A proprietorship is a business owned by an individual, while a corporation has limited liability and is a separate legal entity. None of these options fully describe the characteristics given.
Learning Objectives
- Discern the unique aspects and traits of various organizational forms.