A business formed by two or more individuals who each have unlimited liability for business debts is called a:
A) corporation.
B) sole proprietorship.
C) general partnership.
D) limited partnership.
E) limited liability company.

Question

Quizplus · Accepted Answer

A general partnership is a business formed by two or more individuals who share ownership and management of the company, as well as unlimited liabilities for business debts. This means that each partner is personally responsible for the debts incurred by the partnership, and their personal assets may be used to satisfy those debts if the partnership is unable to pay them.

A Business Formed by Two or More Individuals Who Each