Question

question #5
multiple choice
the legal form of business ownership in which owners have limited personal accountability for the debts and dealings of the company is called a______.
partnership
limited liability company
sole proprietorship
corporation

Explanation:

In a limited liability company (LLC), owners' personal assets are generally protected from the company's debts and obligations. Partnerships and sole - proprietorships usually have unlimited personal liability. Corporations also offer limited liability, but an LLC is a more flexible form with simpler legal and tax requirements in some cases.

Answer:

B. limited liability company