Which of the Following Statements Is True About the Different

question 34

Multiple Choice

Which of the following statements is true about the different forms of business?

• A)If the firm is organized as a sole proprietorship, the proprietor's personal assets are separable from those of the firm because the firm is a separate legal entity.
• B)If the firm is organized as a sole proprietorship, the proprietor has limited liability for the firm's obligations.
• C)In general partnership, active partners have unlimited liability, whereas sleeping partners have limited liability.
• D)Corporation is a separate legal entity.
• E)Corporations have unlimited liability for the firm's obligations.

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Definitions:

Ethical Codes

A set of guidelines designed to outline the acceptable behaviors and decision-making practices for professionals within a specific domain.

Productive Relationship

A positive and effective association between individuals or groups that results in beneficial outcomes for the involved parties.

Referral

A recommendation made to guide someone to additional support or specialized services not provided by the initial contact.

Disability

A physical or mental condition that limits a person's movements, senses, or activities.