What term is used to describe the characteristic of a business entity where an individual(s) associated with an entity can not only lose all of his/her investment in the firm but personal assets can be taken to pay the debts of the firm if necessary? Group of answer choices unlimited liability limited liability dissolution mutual agency

Q: Which of the following is false regarding a sole proprietorship? The owner has unlimited personal…

A: There are several forms of business organisation, in which businesses can be run and maintained.…

Q: A basic principle of accounting that requires activities of an entity be kept separate from the…

A: The principles of accounting, also known as Generally Accepted Accounting Principles (GAAP). It…

Q: Partnerships and​ proprietorships: Question content area bottom Part 1 A. are separate legal…

A: A partnership is an agreement between two or more individuals to manage a business and share its…

Q: In each case below, I have given a goal that a business might have.  What you need to do is to…

A: There are various forms of doing the business, one can opt for any type of business based on the…

Q: What is a business owned by one individual called and the easiest legal form of business to organize…

A: Solution: Limited liability company, partnership and corporation needs more than one individual to…

Q: 3. Explain the concept of the following Business Ownerships: Sole Proprietorship, Partnership,…

A: STEP 1 Legal control over a business is referred to as business owners. It grants owner the…

Q: What informal remedies are available to firmsin financial distress? In answering this…

A: Following are the remedies: Informal reorganization Informal liquidation

Q: Identify the advantages of forming a business as an S Corporation. Multiple Choice O O owners avoid…

A: An S corporation is a separate legal entity that elects to be taxed under sub chapter S of chapter 1…

Q: Which of the following is true of limited liability companies ? a) They protect the members…

A: Limited liability company is a type of a company wherein the owners are not personally for liable…

Q: Based on the advantages and disadvantages of each of the following forms of businesses, give an…

A: A business is formed by the persons who want to start the business and as there are various methods…

Q: Please help with this Accounting type Question: Which of the following is not the purpose of…

A: The following are the reasons of admission of a new partner:1. Capital infusion: One of the most…

Q: Setting up a business as a corporation has the following benefits   a)  Separation of ownership…

A: Setting up corporation has the following benefits: 1.  Separation of ownership and management:…

Q: Which of the following is TRUE of stakeholders? O They are the owners of a firm. O They are groups…

A: Stakeholders are individuals or groups who have an interest or concern in the operations and…

Q: Explain the situations under which a firm is dissolved.

A: Partnership: Partnership is defined as an association of two or more persons to carry business for…

Q: shareholders' claims on assets and income of a firm come_____ those of creditors _______those of…

A: Preferred shares have fixed dividend payments that are to be paid by company. Preferred share…

Q: It is defined as a business activity or event that affects a business financially

A: Business activities are related to the operations of the business. These activities are of different…

Q: What reporting options related to business combinations are available for private companies

A: Business combination refers to a process in which an entity obtains control over one or more…

Q: Many businesses are set up as limited companies. These are owned by shareholders and run by the…

A: Limited company means company limited by shares.

Q: The difference between subsidiaries and associates can be said to revolve around power and control.…

A: Subsidiary:- A subsidiary is a company that is controlled by another company, known as the parent…