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The New System,which took its present form in the 1970s,is characterized by which of the following?
Ownership Claim
The legal right or interest that an owner possesses in property, assets, or a company, granting the power to control or dispose of it.
Debtor Claim
A demand for repayment from a debtor; may refer to the legal right to demand money owed.
Limited Liability
A legal structure that limits the personal financial responsibility of owners for the debts and actions of a business.
Corporation
A legal entity distinct from its owners, offering limited liability to its shareholders, and capable of owning assets, incurring debt, and conducting business.
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