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An owner's liability for the debts of business is a) limited in a corporation to the assets of preferred stockholders b) limited in a corp to the assets of bondholders c) limited to the owner's investment in a single proprietorship d)unlimited in a partnership
An owner's liability for the debts of business is
a) limited in a corporation to the assets of preferred stockholders
b) limited in a corp to the assets of bondholders
c) limited to the owner's investment in a single proprietorship
d)unlimited in a partnership.
Expert Solution
An owner's liability for the debts of business is
d)unlimited in a partnership
An owner's liability for debts of business is unlimited in a partnership.
This means that in the case of a partnership, partners are unable to clear the liabilities of the business during termination of the business, then the assets of partners can be sold to repay the liabilities of the partnership. This is because the partnership is not a separate legal entity from its partners but the law considers the partners and the business as one person.
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