In Which of the Following Ways Is a Limited Liability

question 68

Multiple Choice

In which of the following ways is a limited liability company like a corporation?

• A)Both types of firm were created and developed first in the United States.
• B)Both can choose to be considered a partnership for tax purposes.
• C)All of its owners' liability is restricted to their investment in the firm.
• D)It is directly managed by the owners of the firm.

---

Definitions:

Workflow

The series of steps a task goes through from beginning to end.

Compensation

Refers to the payment and benefits an employee receives in exchange for their work, including salary, bonuses, and non-monetary perks.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs.

Cultural Values

The core principles and ideals upon which an entire community exists, influencing its members' behaviors, practices, and beliefs.