Which of the following types of business ownership imply that the nature of the liability of the
owner(s) with respect to the business is a personal one?

I. Limited liability company.

II. Partnership.

III. Sole proprietorship.

C

Explanation:
II & III are correct. The liability of the owners or shareholders of a limited liability company is
limited to the amount of their shareholding in the company. The partners of a partnership and
sole proprietors are personally liable for all claims and liabilities with respect to their business