What type of business entity is a business where two or more persons co-own a business for profit where each partner is individually liable for all partnership debts?

Question

Quizplus · Accepted Answer

A general partnership is a business entity where two or more persons co-own a business for profit and are individually liable for all partnership debts. This means that each partner is personally responsible for the debts and obligations of the business, and their personal assets are at risk. However, there is no separate legal entity for the partnership, and the partners share in the profits and losses of the business. Limited partnerships and limited liability partnerships would offer some form of protection to the partners' personal assets, but they also come with specific requirements and formalities that may not be necessary or desirable for all businesses. A limited liability company would also offer protection for personal assets, but it is a separate legal entity and may not be the best choice for a simple partnership.

What Type of Business Entity Is a Business Where Two