How Limited liability is different to unlimited liability? Briefly explain with an example of businesses.

Q: What is the doctrine of continuity of business enterprise and continuity of proprietary interest?

A: A merger or acquisition refers to the transactions involving transfer or combination of ownership…

Q: What is the difference between private and public liability companies

A: Corporation- A corporation is a legal entity that is distinct from its owners and is formed under…

Q: What are two main advantages of limited liability company?

A: LIMITED-LIABILITY COMPANY (LLC):  LLC is called a corporate structure company, the owners don't get…

Q: What does the phrase "limited liability" mean in a corporate context?

A: Limited liability means owners liability is limited to the invested capital in the firm.

Q: What is ‘corporate liability’. Provide examples to illustrate your answer and refer to legislation…

A: Corporate Liability is vicariously liability where the company liable for the acts of an employees…

Q: What's a limited liability company and give one advantage and disadvantage

A: A limited liability company is a separate legal entity from their owner and it has their own common…

Q: From page 8-4 of the VLN, which of the following contingent situations would the company have to…

A: Contingent  liability are reported on the financial statements and disclosed if they are probable…

Q: Define Limited liability company.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Why does the shareholder liability limited?

A: Shareholders generally hold shares of the company which is limited by shares. A company limited by…

Q: What does “ Shareholders Limited  Liability “  Mean  ?

A: Shareholders are the persons who own the company and have a right to vote in the event of making…

Q: Explain Limited Liability Partnerships?

A: It is like a usual partnership aside from that it has two classes of partners. The usual partners…

Q: 3. Which organizational forms give their owners limited liability?

A: Limited liability means the liability of organisation is subject to the assets owned by the…

Q: Corporations offer the advantage of limited liability. Explain what is meant by that statement.

A: Corporation: A business concern where there is a separate legal entity, and are owned by…

Q: a

A: A legal state in which a person's financial obligation is limited to a specified sum, usually the…

Q: What does it mean for a company to be a legal person and what does it mean for owners of a company…

A: A company refers to a voluntary association that is formed and organized by a group of people who…

Q: Limited liability is a disadvantage of corporation companys? true or false

A: Limited liability refers to the term that means in case of insolvency of the business, personal…

Q: What is the difference between a covenant not to compete in a contract versus a covenant not to…

A: Covenant A covenant is a formal legal agreement between two parties for doing or not doing some…

Q: Explain Limited Liability Companies?

A: INTRODUCTION:- A limited liability company (LLC) is a business structure for private companies in…

Q: How is a contingent liability accounting for in a business combination by the acquirer under IFRS…

A: Contingent liabilities are those liabilities which has probability of chance to become a liability…

Q: If the shareholder’s position is not protected by a contract – unlike the provider of debt- how is…

A: The shareholders have ownership of the company. The providers of debt are the creditors of the…

Q: A benefit of a sole proprietorship is that liability is limited to that of the business financial…

A: A sole proprietorship is the simplest form of business that an individual can do or operate. It is…

Q: What is a Liability? Describe different types of Liability a company can have with examples.

A: A liability is a responsibility of a company happen due to a past incident done by the company. For…

Q: Which of the following is a characteristic of a current​ liability?   A. It is an avoidable…

A: Liabilities are classified into two types. 1. Current liabilities ; which are expected to be paid…

Q: What makes product warranties considered as contingent liabilities? Also, what Generally Accepted…

A: Contingent Liability is a liabilty that may arise in outcome of future uncertain amount.

Q: If you are concerned about unlimited liability, what other types of ownership structures could you…

A: Unlimited liability implies that the personal wealth of the owner can be used for settlement of…

Q: Identify which one of the following is a meaning of limited liability: a. No restriction on personal…

A: Solution:   Limited liability means owners of the company is liable for debt of the business upto…

Q: What does it mean for a company to be a legal person and what does it mean for owners of a company…

A: A company is an association of people that has its own legal existence and is incorporated with a…

Q: What are the advantages of Limited Liability Company?

A: Limited-liability Company (LLC): The form of business entity which is unincorporated, but functions…

Q: 2. What does the phrase limited liability mean in a corporate context?

A: There are various different organizational forms, one of them is corporate. This form is different…

Q: Owners have no personal liability under which legal business structure?

A: The type of business structure you choose determines many components of your business, including…

Q: director liability?

A: yes Directors square measure agents of the corporate in transactions they enter into on behalf of…

Q: Which of the following is not an essential characteristic of a liability? * O līability is a present…

A: Ans. Liability is an obligation to pay to a person or an entity by any person or entity.

Q: Analyse the concept of “Limited liability”

A: The shareholders of a company or the partners of a partnership have to initially put up some capital…

Q: What are the effects on creditors, including secured creditors during voluntary administration?…

A: creditors are those person supply goods or services to the company, provide loan to the company,…

Q: Give examples of Joint Liability case and explain the ruling

A: The answer is provided as follows:

Q: Insurance companies perform functions that are similar to those of investment companies. * True or…

A: Insurance companies are those companies that have been formed in order to cover the loss of an asset…

Q: Explain how legal business entities differ in terms of the liability prot

A: Answer: Corporations and LLCs offer owners limited liability. General partners and sole proprietors…

Q: How does unlimited liability put a business owner atrisk?

A: The liability is the amount due to be paid to the outsiders by the Organizations.