You Are 50% Owner in a Catering Corporation

question 12

Multiple Choice

You are 50% owner in a catering corporation. The business is closing down because it has $250,000 in unpaid business debts and just lost a $750,000 lawsuit. What is your personal liability?

• A) $0
• B) $125,000
• C) $250,000
• D) $750,000

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Definitions:

Lend-Lease Act

A program initiated by the United States during World War II that allowed the U.S. to supply Allied nations with vast amounts of military materiel while avoiding direct involvement in combat.

Military Supplies

Equipment, tools, vehicles, and logistical support materials utilized by armed forces for the purposes of national defense and warfare operations.

Impoverished England

Refers to periods in English history marked by widespread poverty and economic hardship.

Neutrality Acts

Legislation passed in the United States during the 1930s aimed at preventing the nation from being drawn into foreign conflicts by limiting American involvement with countries at war.