Kris and Amy own a workout facility in which they are co-owners. Both take an active role in the management of the business and each accepts unlimited liability. Kris and Amy operate as a ________.
A)joint venture
B)general partnership
C)limited partnership
D)cooperative

Question

Quizplus · Accepted Answer

Kris and Amy operate as general partners since they are co-owners, take an active role in management, and accept unlimited liability. Joint ventures and cooperatives may also involve co-ownership but involve different types of business structures. Limited partnerships involve at least one general partner and one limited partner, with different levels of liability and involvement in management.

Kris and Amy Own a Workout Facility in Which They