Which One of the Following Categories of Owners Enjoys Limited

question 18

Multiple Choice

Which one of the following categories of owners enjoys limited liability?

• A)limited liability company general partners
• B)corporation shareholders
• C)sole proprietors
• D)both A and B

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Definitions:

Withdrawals

The removal of funds from a bank account or the taking out of cash or assets from a business by its owner for personal use.

Assets

Economic resources owned or controlled by a business, expected to bring future benefits.

Assets

Resources owned by a company or individual, including cash, inventory, properties, and equipment, that are expected to provide future economic benefits.

Liabilities

Financial obligations a company owes to outside parties, such as loans, accounts payable, and mortgages.