A firm where owners are usually not managers and not personally liable for the firm's debts is a
A)sole proprietorship.
B)general partnership.
C)corporation.
D)None of above.

Question

Quizplus · Accepted Answer

A corporation is a separate legal entity from its owners, meaning the owners (shareholders) are not personally responsible for the firm's debts, and they usually do not manage the day-to-day operations of the company. Sole proprietorships and general partnerships have owners that are personally liable for the firm's debts.

A Firm Where Owners Are Usually Not Managers and Not