Joel and Anika completely share in the management of their business. Both of them have unlimited liability for the debts of the business. Which form of ownership does their business have?Multiple Choicelimited partnershipS corporationsole proprietorshipgeneral partnership
Question
Joel and Anika completely share in the management of their business. Both of them have unlimited liability for the debts of the business. Which form of ownership does their business have?Multiple Choicelimited partnershipS corporationsole proprietorshipgeneral partnership
Solution
The form of ownership that Joel and Anika's business has is a general partnership. In a general partnership, all partners share in the management of the business and have unlimited liability for the debts of the business.
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