Describe the Types of Pension Plans Most Often Found in Governments

question 30

Essay

Describe the types of pension plans most often found in governments and the differences between them.

---

Definitions:

Personal Liability

The legal responsibility of an individual to bear the cost of damages or debt incurred through their actions or ownership.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business.

Business for Profit

Organizations that operate with the primary goal of earning financial returns for their owners or shareholders.

Limited Liability Corporation

A business structure that offers its owners protection from personal liability for the debts of the company, while allowing them to enjoy the tax and operational benefits of a partnership.