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Learning: Financial Statements QUESTION ANSWER [ LO 1 ] Which of the following statements regarding business organizations is NOT Owners of a corporation are called
Learning: Financial Statements
QUESTION
ANSWER
LO Which of the following statements regarding business organizations is NOT
Owners of a corporation are called members. correct?
The business is liable for company debts in a limited liability company.
In a limited liability partnership, each partner is only liable for partnership debts to the extent of his or her investment in the partnership.
The owner of a proprietorship is personally liable for all the bus: debts.
IDON'T KNOWYET
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Financial Accounting
Authors: John Hoggett, Lew Edwards, John Medlin, Keryn Chalmers, Jodie Maxfield, Andreas Hellmann, Claire Beattie
9th Edition
1118608208, 978-1118608203
