Which legal entity is correctly paired with the party that bears the ultimate responsibility for paying the legal entity's liabilities?
A) LLC - LLC members.
B) General Partnership - Partnership.
C) Corporation - Corporation and Limited Partnership - General partner.
D) Limited Partnership - General partner.
E) Corporation - Corporation.

Question

Quizplus · Accepted Answer

In a corporation, the corporation itself is responsible for its liabilities. In a limited partnership, the general partner bears the ultimate responsibility for the partnership's liabilities.

Which Legal Entity Is Correctly Paired with the Party That