Question

Corporations, limited partnerships, and limited liability partnerships differ from sole proprietorships and general partnerships in(1 point)
Responses

lifespan.
lifespan.

number of owners.
number of owners.

liability.
liability.

decision-making.

Answer 1

Corporations, limited partnerships, and limited liability partnerships differ from sole proprietorships and general partnerships primarily in **liability**.

In sole proprietorships and general partnerships, owners have unlimited personal liability for the debts and obligations of the business. In contrast, corporations and limited partnerships provide limited liability protection, meaning that the owners' personal assets are generally protected from the business's liabilities.