What Form of Partnership Prevents the Partners from Being Personally

question 43

Multiple Choice

What form of partnership prevents the partners from being personally liable for the contractual obligations of the business?

• A)LLP
• B)Incorporation
• C)International Partnership
• D)Domestic Partnership

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Definitions:

Secretary of State

A senior official in the government responsible for managing and overseeing governmental departments or representing the country in foreign affairs.

Voluntary Dissolution

The process by which a corporation legally terminates its existence by the decision of its shareholders or board, rather than being forced to do so by a court or creditors.

Absorbed Corporation

An absorbed corporation is one that has been merged into another entity, resulting in the loss of its former separate legal identity.

Surviving Corporation

The entity that continues to exist after a merger, having absorbed another business entity.