A partnership is a ________.
A) firm listed on a stock exchange, in which no owner owns a controlling majority of equity
B) business with two or more owners that is not organized as a corporation
C) corporation in which the owners have limited liability for the organization's liabilities
D) private firm in which all owners have equal ownership and limited liability in the event of a bankruptcy

Question

Quizplus · Accepted Answer

A partnership is a type of business structure in which there are two or more owners, who share profits and losses. It is not organized as a corporation and therefore does not have the limited liability protection that corporations have. Option A describes a publicly listed firm with dispersed ownership, option C describes a limited liability company, and option D describes a specific type of partnership called a general partnership, which does not have limited liability.

A Partnership Is a ________