Which of the following statements accurately describes the doctrine of limited liability?
A) A partner is not personally liable for the debts of the partnership.
B) The owner of a sole proprietorship is not personally liable for the proprietorship's debts.
C) A shareholder of a corporation is not personally liable for the corporation's debts.
D) A shareholder of a corporation has some personal liability for the corporation's debts.
Answer: C) A shareholder of a corporation is not personally liable for the corporation's debts.