Which type of business organization is characterized by unlimited liability and limited life?

Question

Quizplus · Accepted Answer

Both proprietorship and partnership have unlimited liability as the owner(s) are personally responsible for the business debts and obligations. They also have limited life as the business ceases to exist upon the death or withdrawal of the owner(s). Corporations have limited liability and can continue to exist even after the death or withdrawal of shareholders.

Which Type of Business Organization Is Characterized by Unlimited Liability