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What is a person or business to whom a liability is owed called?
A person or business to whom a liability is owed is called a "creditor." Creditors can be individuals, financial institutions, or businesses that provide funds or extend credit with the expectation of repayment. In financial contexts, they may also be referred to as "lenders" or "obligees."
An unincorporated business owned by a single person which may or may not have employees is an example of what?
An unincorporated business owned by a single person is known as a sole proprietorship. This business structure is simple and allows the owner to have full control over operations and decision-making. While it may have employees, the owner is personally liable for all debts and obligations of the business. Sole proprietorships are common among freelancers, consultants, and small business owners.
What is a business owned and managed by a single person called?
A business owned and managed by a single person is called a sole proprietorship. This type of business structure allows the owner to have complete control over operations and decision-making. Sole proprietors are personally liable for all debts and obligations of the business, meaning their personal assets may be at risk. This structure is often favored for its simplicity and ease of setup.
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
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 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.
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.
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 is the Only one person is liable if the business fails?
If only one person is liable if the business fails, it typically refers to a sole proprietorship, where the owner is personally responsible for all debts and obligations of the business. This means that if the business incurs debts or legal issues, the owner's personal assets can be at risk. In contrast, other business structures like corporations or limited liability companies (LLCs) provide limited liability protection, shielding personal assets from business liabilities.
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.
