The simplest and oldest type of this business entity is its "general" form. For 10 points each:
[10m] Name this type of business which is one of the four most common business structures, along with corporations, LLCs, and sole proprietorships. Owners of these businesses have a "transferable interest" in profits and no protection against personal assets being subject to judgments.
ANSWER: partnerships
[10e] General partnerships thus do not provide this protective feature to the business owners. In the 1990s, US law began recognizing LLPs and LLCs, in which the "LL" stands for this concept.
ANSWER: limited liability
[10h] General partnerships are subject to this legal principle, in which a victorious legal claimant has full discretion as to which defendant to pursue for an amount in judgment. In 46 states, this principle applies to co-defendants in all tort cases.
ANSWER: joint and several liability [prompt on partial answers]
<Matt Weiner , Social Science - Law>