Question

multiple choice 20 points
if all of the individuals who own a business share unlimited liability for the business’s losses, these individuals are part of a(n)
“s” corporation
private corporation.
general partnership
“c” corporation

Explanation:

• "S" corporation: Shareholders have limited liability, so this is incorrect.
• Private corporation: Owners (shareholders) typically have limited liability, so this is incorrect.
• General partnership: In a general partnership, all partners share unlimited liability for the partnership's debts and losses. This matches the description in the question.
• "C" corporation: Shareholders have limited liability, so this is incorrect.

Answer:

C. general partnership