The most common type of partnership is a ________.

Question

Quizplus · Accepted Answer

General partnership is the most common type of partnership where two or more individuals agree to contribute assets, labor, or skills to a business with the goal of sharing profits and losses. In a general partnership, all partners are equally responsible for the company's debts and liabilities. Limited partnerships have one or more general partners who have unlimited liability, and one or more limited partners who have limited liability. Corporate partnerships are not a common type of partnership, as a corporation is a separate legal entity. Sole proprietorship is not a type of partnership, as it involves only one individual who owns and operates the business.

The Most Common Type of Partnership Is a ________