level: Level 1
Questions and Answers List
level questions: Level 1
| Question | Answer |
|---|---|
| whats an incorporated business | which are legally set up as separate entities. |
| unincorporated business | which do not exist independently from their owners. |
| what do owners of unincorporated businesses have | unlimited liability |
| what do owners of incorporated businesses have | not personally responsible for the affairs of the business which exists in its own right. If the business fails, however, the owner may lose all the money he or she has put into the business. |
| whats a limited partnership | an unincorporated business with more than one owner, at least one of whom must have unlimited liability |