In Which of the Following Types of Business Organizations Do

question 22

Multiple Choice

In which of the following types of business organizations do the owners have unlimited personal liabilities for the business's debts?

• A) general partnerships
• B) S Corporations
• C) C Corporations
• D) limited liability companies

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Definitions:

Intra-entity Inventory

Inventory transactions that occur within the same company, involving transfers between departments or subsidiaries, not affecting the overall financial position.

Gross Profit

The financial metric representing the difference between sales and the cost of goods sold.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, but not control them.

Common Stock

Equities representing ownership in a corporation, giving holders voting rights and a share in the company's profits via dividends.