Limited Liability

question 18

Multiple Choice

Limited liability:

• A) means that there are tight limits on the damages that a firm can be forced to pay due to lawsuits over product safety and so on.
• B) means that the owners of a firm cannot personally be held responsible for the obligations of the firm.
• C) is the major disadvantage of incorporation.
• D) is the major advantage of proprietorship.

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Definitions:

Late Nineteenth Century

The period from 1870 to 1899, characterized by industrial growth, colonial expansion, and significant social and technological changes.

Early Twentieth Centuries

The period from 1901 to 1940, marked by significant technological, political, and social changes globally.

William H. Seward

An American politician who served as the Secretary of State under Presidents Abraham Lincoln and Andrew Johnson, known for his staunch anti-slavery stance and for negotiating the purchase of Alaska from Russia in 1867.

Foreign Policy Goals

The objectives that a country aims to achieve in its relations with other nations, including peacekeeping, trade improving, and securing alliances.