Which of the Following Statements About Organizational Forms of a Business

question 83

Multiple Choice

Which of the following statements about organizational forms of a business is not correct?

• A)In a sole proprietorship form of business or in a partnership form,the owner(s)are personally responsible for the debts of the business.
• B)The partnership agreement states how profits are to be shared between partners and what happens when a new partner is to be admitted or an existing partner is retiring.
• C)A corporation is a separate entity from both a legal and accounting perspective.
• D)The owners of a corporation are legally responsible for the corporation's debts and taxes.

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Definitions:

Team Norm

Shared guidelines or rules of behavior that a team follows to increase efficiency and foster a positive environment.

Behavior Guides

Frameworks, principles, or rules designed to influence or direct individuals’ actions and decisions in specific situations.

Team Personality

The collective personality traits, attitudes, and behaviors that characterize a team and influence its functioning and performance.

Goal Contagion

The psychological process by which observing an individual's behavior leads to the adoption of similar goals by others.