In What Type of Business Do the Owners Bear No

question 205

Multiple Choice

In what type of business do the owners bear no personal financial responsibility for the company's debts and obligations?

• A) partnerships
• B) corporations
• C) sole proprietorships
• D) in all the businesses listed in the other answers

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Definitions:

Transferor's Warranties

Guarantees made by a seller (transferor) to a buyer about the condition, legality, and ownership status of the goods or property being sold.

Presenter's Warranties

Guarantees made by the presenter of a negotiable instrument, such as a check, regarding its legitimacy and their authority to present it.

Implied Warranties

Legal guarantees assumed in a transaction, suggesting that a product will meet certain standards even if not explicitly stated.

Discharged From Liability

A situation or legal process wherein an individual or entity is released from a responsibility, duty, or debt, absolving them from further obligations.