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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

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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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