Final answer:
Option D, limited liability company (LLC), is the business entity where owners have limited personal accountability for debts, distinguishing it as the newest form as mentioned in the question.
Step-by-step explanation:
The correct option that describes an entity where owners have limited personal accountability for the debts and dealings, which is also recognized as a newer form and is identified by the abbreviation LLC, is limited liability company (D).
An LLC offers its members the advantage of limited liability, meaning they are only responsible for the amount they invested in the company, protecting their personal assets (such as home, car, personal bank accounts) in case the company goes bankrupt.
Unlike a sole proprietorship where the business owner has unlimited liability for the debts and dealings of their business, or a general partnership, where each partner might bear full responsibility for the other's actions including debts, an LLC provides a protective shield for its owners' personal finances. Meanwhile, corporations share some similar benefits to an LLC in terms of limited shareholder liability while providing easier ways to raise capital.