GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Their Employees
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Their family
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Their personal assets
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Their customers
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Detailed explanation-1: -The main advantage to an LLC is in the name: limited liability protection. Owners’ personal assets can be protected from business debts and lawsuits against the business when an owner uses an LLC to do business. An LLC can have one owner (known as a “member”) or many members.
Detailed explanation-2: -In India, LLCs can be registered as Limited Liability Partnerships (LLPs) and Private or Public Limited Companies. LLCs can be defined as legal entities where the investors/ owners are protected against business debts, as it is treated as separate entity.
Detailed explanation-3: -Asset Protection Through Incorporating Your Business Once established, a corporation stands as a separate legal entity from its owners. Therefore, its legal and financial liabilities do not put its owners’ belongings at risk.