If the Personal Assets of the Owners Cannot Be Claimed

question 242

Multiple Choice

If the personal assets of the owners cannot be claimed if the business is bankrupt, the owners are said to have

• A)unlimited liability.
• B)a proprietorship type of business.
• C)limited liability.
• D)a partnership type of business.

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Definitions:

Mediation

A conflict resolution method involving a neutral third-party mediator who helps disputing parties reach a voluntary, mutually acceptable agreement.

Arbitration

A dispute resolution process in which a neutral third party makes a binding decision to resolve a conflict between parties.

Effective Communication

The exchange of information in a way that is clearly understood by all parties involved.

Fundamental Barriers

Core obstacles that impede progress, often requiring significant effort or change to overcome.