The Term "Property Rights" Refers to

question 249

Multiple Choice

The term "property rights" refers to

• A)the physical possession of a house or any other property which the owner legally purchased.
• B)the ability to exercise control over one's own resources within the confines of the law.
• C)the government's right to appropriate land from wealthy land owners to redistribute to peasants.
• D)the right of a business not to have its assets confiscated by the government in the event that the business is accused of committing fraud.

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Definitions:

Liability

The legal responsibility for one's actions or omissions, which may involve an obligation to pay damages or perform a specific duty.

Operating Agreement

A legal document that outlines the governing structure and operating guidelines of an LLC including the rights and responsibilities of its members.

Dissolution

The process of formally closing or ending a legal entity, such as a corporation or partnership.

Limited Liability Company

An entity where owners are not personally liable for company debts, offering flexibility in management and benefits of pass-through taxation.