Which one of the following categories of owners enjoys limited liability?
A)limited liability company general partners
B)corporation shareholders
C)sole proprietors
D)both A and B

Question

Quizplus · Accepted Answer

Corporation shareholders enjoy limited liability, meaning that their personal assets are protected from the company's debts and legal actions. Limited liability company general partners may not have the same protection unless specified in the company's operating agreement. Sole proprietors have unlimited liability, meaning that their personal assets can be used to satisfy business debts and legal actions.

Which One of the Following Categories of Owners Enjoys Limited