A partnership where all partners are equally and fully responsible for the business's obligations is called a(n)
A)LLC.
B)limited partnership.
C)general partnership.
D)S corporation.

Question

Quizplus · Accepted Answer

A general partnership is a type of partnership where all partners are equally and fully responsible for the business's obligations. This means that if the business incurs debt or is sued, each partner is personally liable for the entire amount. The other options, LLC, limited partnership, and S corporation, all involve some form of limited liability for the partners or shareholders.

A Partnership Where All Partners Are Equally and Fully Responsible