Which Legal Entity Is Correctly Paired with the Party That

question 14

Multiple Choice

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)Corporation - Corporation and Limited partnership - General partner.

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors.

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A unit of measure for volume commonly used in the oil industry, equivalent to 42 U.S. gallons.

Shirts

Garments for the upper body, typically with sleeves and a collar, made from various fabrics and used as clothing.

Wine

An alcoholic beverage made from fermented grapes or other fruits.