A firm with multiple owners who share the profits and bear unlimited liability for the firm's losses and debts is known as a(n) ______

Question

Quizplus · Accepted Answer

A partnership is a type of business in which multiple owners share the profits and liability for the business. This is different from a sole proprietorship, where there is only one owner who bears all liability, and a corporation, where owners have limited liability and the business is a separate legal entity. Nonprofit organizations and producer cooperatives have different structures and goals.

A Firm with Multiple Owners Who Share the Profits and Bear