A distinguishing characteristics of a limited liability company is that it

Assessment: JAMB UTME - Commerce - 1994 Subject: Commerce

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A distinguishing characteristics of a limited liability company is that it
Answer Details
A distinguishing characteristic of a limited liability company (LLC) is that it can sue and be sued. An LLC is a type of business structure in which the owners, known as members, have limited liability for the company's debts and obligations. This means that the personal assets of the members are generally protected from the company's liabilities. However, the LLC itself can be sued or sue other parties, which provides a layer of protection for the members while allowing the business to operate as a legal entity.
Read lesson note on Legal Aspects Of Business (JAMB)
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