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Is one characteristic of a corporation is that its owners are personally liable for any losses incurred by the business?
no
What are the advantages and disadvantages of a partnership businesses?
Some advantages of a partnership business is that the gains and losses are shared, you share the resposibilities, and it's easy to set up. But some disadvantages to a partnership business is that each partner is 'jointly and severally' liable for the partnership's debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts, there is a risk of disagreements and friction among partners and management, and each partner is an agent of the partnership and is liable for actions by other partners
What information is contained in the heading of a business letter?
to whom the letter is being sent to
Why do many business owners prefer corporations over other forms of business organization?
If a business is a sole proprietorship (one owner) or a partnership (more than one owner) and it fails financially then the owners can be liable for the debts of the business. This means that any assets (houses, cars, personal bank accounts) can be seized and sold to satisfy the creditors of the business. However, if the business is incorporated (Inc.) then if it fails only the assets held by the corporation itself can be attached. The "officers" of the corporation (usually the true owners) are not liable for the debt as long as they did not do anything illegal within the framework of the business/corporate contract. So by incorporating the owner is protecting his personal assets as separate from the business.
A person who started own business is called?
The entrepreneur
Only one person is liable if the business fails?
proprietorship
What is audience in business communication?
The audience in business communication is the person to whom the message is being conveyed
What is a recipients address?
The person or business to whom the letter is addressed will go to .
Why are entrepreneur considered risk taker?
because entrepreneurs are the only person who is liable in taking care of the business he may establish, whether the business will succeed or not.
Why are entrepreneur considered a risk takers?
because entrepreneurs are the only person who is liable in taking care of the business he may establish, whether the business will succeed or not.
Is a holder in due course liable for the note if he has negotiated it to someone else?
yes, hdc will be liable for the note if he has negotiated it to someone else because the person to whom it is endorsed is gaining a bonafide title and hence can claim it from a hdc also.
if your subcontractor is involved in an auto accident is your business liable?
Absolutely your business could be liable if the person is working for you at the time. Their insurance would be primary but you could be found secondarily liable. You can purchase a coverage called hired and non-owned coverage as an amendment to your business auto or liability insurance which would provide you coverage for this type of incident. The coverage is usually very inexpensive as it is secondary coverage.
Is a business liable to honor a contract if it is no longer in business?
yea
If warning sign is posted and a person neglects the sign who is held liable?
The person liable is the person who ignored the warning.
What are soul traders?
A sole trader is a person who is the single owner of a business, entitled to keep profits after tax, but is liable for all losses.
What is tortious liability?
A tortious is related to the duty of care and negligence of that duty with respect to persons with whom there is no contractual liability. For example, if the person fails to maintain his property and part of his property falls off and injures another person, the property owner is liable for the damages to that person, even though it maybe be passerby with whom there are no contractual obligations.
Is an incorporated company liable for its business debts?
yes
