Which legal entity is correctly paired with the party that bears the ultimate responsibility for paying the legal entity's liabilities?
A)LLC - LLC members.
B)Corporation - Corporation.
C)General partnership - Partnership.
D)Limited partnership - General partner.
E)Corporation - Corporation and Limited partnership - General partner.

Question

Quizplus · Accepted Answer

Corporations are legal entities separate from their shareholders, meaning the corporation itself is responsible for its liabilities. In a limited partnership, general partners have unlimited liability for the partnership's debts, making them ultimately responsible.

Which Legal Entity Is Correctly Paired with the Party That