Which Legal Entity Is Correctly Paired with the Party That

question 58

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) Both Corporation - Corporation and Limited Partnership - General partner.

---

Definitions:

Bargaining Power

The ability of one party in a negotiation to influence the terms and conditions due to its resources, alternatives, or strategic position.

Depression Of 1837

A major economic downturn that began in the United States, characterized by bank failures, high unemployment, and deflation.

Union Membership

Union membership denotes belonging to an organized group of workers, known as a labor union, which collectively bargains with employers over conditions, wages, and rights.

Trade Unions

Organizations composed of workers formed to protect and advance their members' interests regarding wages, working conditions, and terms of employment.