BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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One owner
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No more than three owners
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Two or more owners
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Five or more owners
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Detailed explanation-1: -Partnerships–General and Limited Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business.
Detailed explanation-2: -Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).
Detailed explanation-3: -A business that is owned by two or more people who share the risk of loss and the chance for profit is known as a: partnership.
Detailed explanation-4: -Full liability: In a partnership, all members are personally liable for business-related debts and may be pursued in a lawsuit.