Al Tomlin and Wilson Nkata recently closed their frame shop because they could not pay the outstanding business debts.Since Tomlin and Nkata are both liable for the debts,what sort of business do they have?
A) a general partnership
B) a private corporation
C) an open corporation
D) a limited partnership

Question

Quizplus · Accepted Answer

The fact that both partners are liable for the debts indicates that they have a general partnership. In a general partnership, each partner is fully responsible for the debts and obligations of the business.

Al Tomlin and Wilson Nkata Recently Closed Their Frame Shop