Which of the following is true about forms of businesses?
A) Partnerships involve the separation of ownership and management.
B) Sole proprietorships are the same as S corporations.
C) A corporation's owners directly absorb profits and losses.
D) Double taxation is a big disadvantage of S corporations.
E) The owners of an LLC are not personally responsible for debts that the LLC accumulates.

Question

Quizplus · Accepted Answer

The owners of a Limited Liability Company (LLC) have limited liability, meaning they are not personally responsible for the debts and liabilities of the LLC.

Which of the Following Is True About Forms of Businesses