Which Legal Entity Is Correctly Paired with the Party That

question 8

Multiple Choice

Which legal entity is correctly paired with the party that bears the ultimate responsibility for paying the legal entity's liabilities?

• A) LLC - LLC members.
• B) Corporation - Corporation.
• C) General Partnership - Partnership.
• D) Limited Partnership - General partner.
• E) Corporation - Corporation and Limited Partnership - General partner.

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Definitions:

Detailed Task

A specific and clearly defined piece of work or responsibility assigned to an individual or a team.

Job Description

A written statement detailing the duties, responsibilities, required qualifications, and reporting relationships of a specific job within an organization.

Exempt Positions

Jobs that are not covered by the overtime provisions of the Fair Labor Standards Act, often due to their managerial, executive, or professional nature.

Nonexempt Positions

Refer to jobs that are subject to overtime pay and minimum wage laws under the Fair Labor Standards Act (FLSA).