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.
Responses
lifespan.
lifespan.
number of owners.
number of owners.
liability.
liability.
decision-making.
Answers
There are no human answers yet.
Answered by
GPT-4o mini
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.
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.
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