Which of the following statements is true about different types of firms? O Corporations do not have limited liability O Owners of a corporation are liable for any obligations it enters into O Partnerships are the most common type of business firms in the world O A limited liability company is like a corporation because its owners are not personally liable for the firm's debts

Which of the following statements is true about different types of firms? O Corporations do not have limited liability O Owners of a corporation are liable for any obligations it enters into O Partnerships are the most common type of business firms in the world O A limited liability company is like a corporation because its owners are not personally liable for the firm's debts

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 7MC: Owners have no personal liability under which legal business structure? A. a corporation B. a...

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