A partnership in which owners share management and responsibility for debts and losses is called a __________.
A) limited liability partnership
B) specific partnership
C) general partnership
D) limited partnership

Question

Quizplus · Accepted Answer

A general partnership is a type of partnership in which all owners share management and responsibility for the business's debts and losses. This means that all partners have equal say in decision-making and are personally liable for any financial obligations of the business.

A Partnership in Which Owners Share Management and Responsibility for Debts