With Globalization and Unsafe Goods, the U

question 22

True/False

With globalization and unsafe goods, the U.S. is doing a better job at tracking which goods and parts come from which countries so that they can be held responsible in the case of an unsafe product.

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Definitions:

Personal Liability

Legal responsibility of an individual to settle debts or legal judgments from their assets, not protected by business structures or limited liability.

Limited Partners

Investors in a partnership who have limited liability to the extent of their investment and are not involved in day-to-day management decisions.

Limited Partnership

A partnership where at least one partner has limited liability for the debts of the business, while at least one other has full liability.

S Corporation

is a type of corporation in the United States that elects to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code, allowing income to be passed through to shareholders and taxed at individual rates.