Which of the Following Statements Is True About a Limited

question 69

Multiple Choice

Which of the following statements is true about a limited liability company?

• A) It is organized under state or federal statutes as a separate legal entity.
• B) Many professional practices such as lawyers, doctors, and accountants are organized as limited liability companies.
• C) Its financial resources are limited to the individual owner's resources.
• D) The frequency of this form is due to the ease and low cost of organizing.

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Definitions:

Zygote

The fertilized egg, formed by the union of sperm and egg.

Chromosomes

Structures in the nucleus of each cell that contain the genes, the units of hereditary transmission. A human cell has 46 chromosomes arranged in 23 pairs.

Genetics

The study of genes, heredity, and the variations in living organisms that are influenced by their DNA.

Environment

The environment refers to the physical, chemical, and biological factors and conditions that influence the life and development of organisms.