By Law, a Firm May Call a New Product "New

question 122

Multiple Choice

By law, a firm may call a new product "new" for only six months. This regulation, and many similar product regulations, are established by the:

• A) Environmental Protection Agency (EPA)
• B) Federal Trade Commission (FTC)
• C) Consumer Product Safety Commission (CPSC)
• D) Food and Drug Administration (FDA)
• E) U.S. Department of Justice (DOJ)

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Definitions:

Partnership

A partnership is a legal form of business operation between two or more individuals who share management and profits.

General Partner

is a member of a partnership who has unlimited liability for the debts of the partnership and takes part in the management of the business.

Unlimited Personal Liability

A legal condition where individuals are fully responsible for all of a business's debts or liabilities without any limit, risking personal assets beyond the investment in the business.

Limited Partnership

A business partnership where at least one partner has unlimited liability and one or more partners have limited liability, not involved in daily management.