Which Form of Organization Offers Unlimited Liability to Owners

question 55

Multiple Choice

Which form of organization offers unlimited liability to owners?

• A)Limited partnership
• B)Not-for-profit organization
• C)Proprietorship
• D)Corporation

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Definitions:

Cooperative

An organization owned and operated by a group of individuals for their mutual benefit, focusing on services or goods.

Corporate Owner

An entity that legally owns a corporation, which can be individuals, groups of people, or other companies.

Common Areas

Parts of a property that are available for use by all residents or members of a community, such as lobbies, gardens, and swimming pools in a condominium.

Tenants in Common

Tenants in common is a form of co-ownership where each owner possesses a specific fraction of the property and has the right to will their share to their heirs.