makrosebud3858 makrosebud3858

17-02-2020
Business

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Tom, Angela, and Peter want to become co-owners of a business enterprise. Compare their personal liability for the debts incurred by the enterprise if they organize as: a. A general partnership. b. A limited partnership. c. An LLC. d. An S Corporation.

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BenitoMarin BenitoMarin

19-02-2020

Answer and explanation:

Liabilities are those responsibilities companies incur as a result of the operations of their business. Depending on how entities are settled, liability could be limited or unlimited. Limited liability means that in front of debt, the firm owners' personal assets are not considered for the repayment of the debt. On the other hand, if the company has unlimited liability, the debt does not only passes to the company but also to the owners' personal property.

Different types of organizations have different types of liabilities as follows:

A) A general partnership - Unlimited Liability

B) A limited partnership - Limited Liability

C) An LLC (Limited Liability Company) - Limited Liability

D) An S Corporation - Unlimited Liability

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