MANAGEMENT

Detailed explanation-1: -C. Correct. In general, partners in a partnership would be responsible for the firm’s liability by their personal assets as well. This feature of a partnership is similar to a sole proprietorship.

Detailed explanation-2: -A family business can be structured in a variety of ways. Options include a general partnership, limited partnership, limited liability partnership, C corporation, and S corporation. Each of these structures has its pros and cons and should be viewed in light of your own specific circumstances.

Detailed explanation-3: -Answer and Explanation: The correct answer is C. A partnership firm’s life is restricted to the life of the partners. Eventually, when all the partners die, the partnership firm comes to an end as there is nobody left to look after the business.

Detailed explanation-4: -In a partnership, you and your partner (or partners) personally share responsibility for your business. This includes: any losses your business makes. bills for things you buy for your business, like stock or equipment.