Melvin is the co-owner of a gadget store. Unlike his partner who only provides monetary support to the business, Melvin is responsible for handling the daily operations of the store and bears complete personal liability for any debts incurred by the store. Melvin and his partner, however, share the profits of the store equally. In this scenario, Melvin is a _____.

Question

Quizplus · Accepted Answer

Melvin is a general partner because he is actively involved in the management of the business and has unlimited personal liability for the debts of the business.

Melvin Is the Co-Owner of a Gadget Store