(a) Describe the concept of limited liability. (b) How it may influence the type of business...
Question:
(a) Describe the concept of limited liability.
(b) How it may influence the type of business entity a person chooses when forming a business?
Liability:
Liability can be defined as the financial obligation arise because of any past event that will create outflow of the economic benefit from the business entity. Liability can be a current liability or non-current liability.
Answer and Explanation: 1
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View this answer(a) Limited liability: Limited liability can be defined as the obligation where the person has liability towards fixed sum of money or equal to the...
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What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages
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Chapter 22 / Lesson 7
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Understand the definition of Limited Liability Partnership (LLP). Know what an LLP is and learn the advantages of an LLP by understanding LLP examples.
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