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) Both Corporation - Corporation and Limited Partnership - General partner.

Question

Quizplus · Accepted Answer

In a corporation, the corporation itself is responsible for its liabilities, not the shareholders. In a limited partnership, the general partner bears the ultimate responsibility for the partnership's liabilities.

Which Legal Entity Is Correctly Paired with the Party That