Asked by Alexia Hutton on May 22, 2024
Verified
The limited liability protection of the corporate form is unlikely to protect entrepreneurs who take an active role in the daily running of their businesses.
Limited Liability Protection
A legal structure that shields a company's owners from being personally responsible for the company's debts or liabilities.
Corporate Form
A legal business structure recognized in many jurisdictions allowing the company to operate as a separate legal entity apart from its owners, providing limited liability and ease of ownership transfer.
Entrepreneurs
Individuals who create, launch, and manage new businesses, taking on most of the risks and reaping most of the rewards of the venture.
- Understand the concept of limited liability and how it applies to different business structures.
Verified Answer
Learning Objectives
- Understand the concept of limited liability and how it applies to different business structures.
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