In Which of the Following Ways Is a Limited Liability

question 68

Multiple Choice

In which of the following ways is a limited liability partnership like a corporation?

• A)Both types of firm were created and developed first in Canada.
• B)Both can choose to be considered a partnership for tax purposes.
• C)All of its owners' liability is restricted to their investment in the firm.
• D)It is directly managed by the owners of the firm.
• E)Owners have unlimited personal liability for the negligence of those whom they supervise.

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Definitions:

Competitive Advantages

The attributes that allow an organization to outperform its competitors, including cost structure, product offerings, brand, and customer service.

Sustainable Competitive Advantage

A long-term, defendable position a company holds over competitors, often through unique resources, capabilities, or technologies.

Transferable

Referring to skills, knowledge, or qualities that can be applied in different roles or contexts.

Tangible

Something that is capable of being touched or perceived through the sense of touch; concrete rather than conceptual.