The Concept of Limited Liability

question 112

Multiple Choice

The concept of limited liability

• A) does not apply to a corporation.
• B) means that the owners of a corporation have liability limited to the value of the shares in the firm.
• C) means that owners of a firm are subject to double taxation.
• D) limits the amount of specialization that can occur in a firm.

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Definitions:

Career Counseling

A professional guidance process that helps individuals understand their skills, interests, and values to make career decisions and navigate career paths.

Individual Differences

Variations among individuals in terms of their abilities, personality, interests, and other psychological traits.

Career-Development Process

A lifelong journey of understanding oneself, exploring career options, making decisions, and engaging in work experiences.

Broad Categories

General classifications or groups that encompass a wide range of items, concepts, or phenomena.