It Is Easier for to Close Down

question 12

Multiple Choice

It is easier for to close down.

• A) an unincorporated business than an incorporated business
• B) a business that sells consumer products than a service business
• C) a manufacturing business than a service business
• D) a limited company than a partnership business

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Definitions:

Chapter 7

A bankruptcy provision under U.S. law that involves the liquidation of a debtor's assets to pay off creditors.

Chapter 13

A portion of the U.S. Bankruptcy Code permitting individuals earning a steady income to devise a strategy for repaying their debts either in full or in part.

Liquidation Proceeding

A legal process in which a company's assets are sold off to pay creditors.

Chapter 7

A section of the United States Bankruptcy Code that involves the liquidation of a debtor's assets to pay off creditors.