The Owner Is Not Responsible for the Entity's Taxes and Debts

question 183

Multiple Choice

The owner is not responsible for the entity's taxes and debts if the entity is organized as a(n) :

• A)corporation
• B)sole proprietorship.
• C)unlimited liability corporation.
• D)limited liability corporation.

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Definitions:

Share the Risk

A strategy where risks are distributed among different parties, such as through partnerships or insurance, to reduce the impact on any single entity.

Conservation

The protection, preservation, management, and restoration of natural environments and wildlife.

Resources

Refers to a broad range of assets, including financial, human, technological, and natural resources, available for use in the production of goods or delivery of services.

Need for Affiliation

A person's desire to build and maintain interpersonal relationships and be part of a group.