The owners of a sole proprietorship, partnership and corporations have limited liability.

Name: The owners of a sole proprietorship, partnership and corporations have limited liability.
Brand: Quizplus
Rating: 4.9 (31 reviews)

Question

Quizplus · Accepted Answer

In a sole proprietorship and partnership, the owners have unlimited liability, meaning they are personally responsible for the debts and obligations of the business. Only in a corporation do the owners (shareholders) have limited liability, protecting their personal assets from business liabilities.

The Owners of a Sole Proprietorship, Partnership and Corporations Have