In 1984, Suzanne Pogell Wanted to Learn to Sail, but She

question 106

Multiple Choice

In 1984, Suzanne Pogell wanted to learn to sail, but she could find no one to teach her. She finally did convince someone to teach her to sail and, after mastering sailing, she started an all-woman sailing school called "Womanship" as a sole proprietorship. Which of the following represents the meaning of unlimited liability to Suzanne?

• A) She usually has to put in an unlimited number of hours.
• B) She is fully liable for all business debts.
• C) She must have liability insurance.
• D) She has unlimited access to funds.

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Definitions:

Bankruptcy and Insolvency

Legal statuses of an individual or entity that cannot repay the debts they owe to creditors.

Bankruptcy Offence

A criminal act under bankruptcy law, such as fraud or misrepresentation, during the bankruptcy process.

Supplier

An individual or company that provides goods or services to another entity, typically in a commercial transaction.

Legal Position

Refers to the status or stance taken by a party or an individual based on the laws, legal rights, and obligations that apply to their particular case or situation.