The Knowledge,skills,talents,and Abilities of the Founders and Employees of a New

question 53

Multiple Choice

The knowledge,skills,talents,and abilities of the founders and employees of a new business are known as

• A) social capital.
• B) human capital.
• C) financial capital.
• D) venture capital.
• E) social competence.

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Definitions:

Personal Liability

The legal responsibility of an individual to settle debts or obligations from their own assets, rather than those protected by a corporation or limited liability entity.

Business Debts

Obligations that a business incurs as a result of operating activities, including loans, accounts payable, and any other form of borrowed money.

No Personal Liability

A legal principle that protects individual actors within a corporation or legal entity from bearing personal financial responsibility for the entity's liabilities.

Agency Relationships

A legal arrangement where one party, the agent, acts on behalf of another party, the principal, in transactions with third parties.