______Iability Involves Holding a Firm and Its Officers Responsible When

question 18

Multiple Choice

______iability involves holding a firm and its officers responsible when a product causes injury,death or damage.

• A)Turnout
• B)Contract
• C)Product
• D)Outcome

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Definitions:

Legal Form

specifies the structure of an organization or entity in legal terms, including options such as sole proprietorship, partnership, corporation, and Limited Liability Company (LLC), each having distinct legal implications.

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Sole Proprietorship

A business structure where a single individual owns, operates, and is responsible for all aspects of the business.

Partnership

An authorized business entity run by two or more partners who equally divide management duties and earnings.