Unlimited Liability Exists When

question 132

Multiple Choice

Unlimited liability exists when

• A) the profits of the firm are taxed once.
• B) a firm dissolves when the owner dies.
• C) a corporation exists.
• D) the personal assets of the owner of a firm can be seized to pay off the firm's debts.

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Definitions:

Health Act

Legislation aimed at regulating healthcare practices, ensuring public health and safety, and often providing guidelines for healthcare providers and institutions.

Civil Penalties

A form of punishment imposed by a governmental entity for violations of certain laws or regulations, typically involving a monetary fine without criminal intentions.

Criminal Penalties

Criminal penalties refer to the sanctions imposed by a court following a conviction for a criminal offense, such as fines, probation, or imprisonment.

EEOC

Equal Employment Opportunity Commission, a federal agency responsible for enforcing laws against workplace discrimination.