ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Two or more owners
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Owners are financially liable
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Company is financially liable
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All of the above
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Detailed explanation-1: -Partners each have unlimited liability for the obligations of the business. If the business becomes insolvent, business creditors may require a partner to pay a partnership liability from his individual assets, such as his house and his bank accounts.
Detailed explanation-2: -The Partnership is governed by the Partnership Act of 1932. All partners enter into a partnership deed which is the charter document of a partnership firm. Every partner is liable, jointly with all the other partners for all acts of the firm while he is a partner.
Detailed explanation-3: -Trust. Without trust there can be no productive conflict, commitment, or accountability. Common values. Chemistry. Defined expectations. Mutual respect. Synergy. Great two-way communications.