The Concept of Limited Liability

question 112

Multiple Choice

The concept of limited liability

• A) does not apply to a corporation.
• B) means that the owners of a corporation have liability limited to the value of the shares in the firm.
• C) means that owners of a firm are subject to double taxation.
• D) limits the amount of specialization that can occur in a firm.

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Definitions:

Zero Emissions

Occur when carbon or polluting emissions are reduced and/or offset so that there is no net addition of emissions that are harmful to the environment or climate, usually by the emitting source.

Recycling

The process of converting waste materials into new materials and objects, aimed at reducing the consumption of fresh raw materials.

Waste Minimisation

Strategies and processes implemented to reduce the amount of waste produced by a company or during a specific process.

Quadruple Bottom Line

A measure of company performance covering results in terms of economic, social, environmental, and cultural factors.