For these types of organization,no distinction is made between business and personal assets.
A)Sole proprietorship
B)General partnership
C)Limited partnership
D)All of the above
E)Both A and B

Question

Quizplus · Accepted Answer

Both sole proprietorship and general partnership do not have any legal distinction between business and personal assets. In a sole proprietorship, the individual owner is responsible for all the debts and obligations, while in a general partnership, all partners are equally liable for any business debts or obligations. However, in a limited partnership, there is a distinction between general partners (similar to a general partnership) who have unlimited liability and limited partners who contribute capital but have limited liability.

For These Types of Organization,no Distinction Is Made Between Business