All of the Shareholders of an S Corporation Have Limited

question 92

True/False

All of the shareholders of an S corporation have limited liability with respect to their ownership interests in the corporation whereas only limited partners in a limited partnership have such limited liability.

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Definitions:

Corporation

A legal entity that is separate from its owners, with its own rights and obligations, and can conduct business, enter contracts, sue, and be sued.

Social Security Offices

Government facilities where individuals can obtain assistance with Social Security benefits and services.

Post Offices

Governmental or private establishments where postal services such as mail receipt, dispatch, and delivery are handled.

Bureaus of Vital Statistics

Government agencies that record and maintain essential documents, such as birth, death, marriage, and divorce records.