Which of the following forms of business organization have owners with unlimited liability?
A) Corporation
B) General partnership
C) Limited liability company

Question

Quizplus · Accepted Answer

In a general partnership, each partner is personally liable for the debts and obligations of the business. This means that if the business cannot pay its debts, creditors can seek repayment from the personal assets of any and all of the partners. Corporations and limited liability companies (LLCs) offer their owners limited liability protection, meaning the owners are typically not personally responsible for the business debts and liabilities.

Which of the Following Forms of Business Organization Have Owners