In Which of the Following Types of Business Organizations Do

question 22

Multiple Choice

In which of the following types of business organizations do the owners have unlimited personal liabilities for the business's debts?

• A) general partnerships
• B) S Corporations
• C) C Corporations
• D) limited liability companies

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Definitions:

Fiscal Years

A one-year period that companies and governments use for financial reporting and budgeting, differing from the calendar year.

Maturity Value

The amount payable to an investor at the maturity date of a financial instrument, typically the principal plus any final interest payments.

60-Day Note

A type of short-term debt where the repayment is due 60 days after issuance.

360-Day Year

An accounting simplification that assumes there are 360 days in a year to facilitate easier interest calculations.