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LPC Notes Corporate Finance Revision Notes (Distinction A+) 2023

The liability of sole proprietors is limited to the amount of their investment in the company. - -FALSE - The liability of sole proprietors is unlimited -General partners have limited personal liab... ility for business debts in a limited partnership. - -FALSE - General partners have unlimited personal liability in a limited partnership. -The liability of sole proprietors is limited to the amount of their investment in the company. - -FALSE - The liability of sole proprietors is unlimited -The separation of ownership and management is one distinctive feature of corporations. - -TRUE -A major disadvantage of partnerships is that they have double taxation of profits. - -FALSE - The owner and business are not separately taxed in partnerships. -Financial assets have value because they are claims on the firm's real assets and the cash that those assets will produce. - -TRUE [Show More]

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