Which of the following statements about limited liability is correct?
A) It is only provided to the owners of certain businesses.
B) Creditors cannot attach a claim to the personal assets of the owners of a limited liability company.
C) There are now more organizational forms of business with limited liability characteristics than in the past.
D) All of the above are correct.

Question

Quizplus · Accepted Answer

A) Limited liability is provided to owners of various business forms such as corporations, limited liability partnerships, and limited liability companies.
B) This is one of the main benefits of limited liability for business owners, as their personal assets are protected from the claims of creditors.
C) This is true, as there have been new forms of business created in recent years with limited liability characteristics, such as benefit corporations and social purpose corporations. Therefore, there are now more organizational forms of business with limited liability characteristics than in the past.
D) All of the above statements are correct, making this the best answer.

Which of the Following Statements About Limited Liability Is Correct