Asked by
anduamlak yalew
on Nov 06, 2024
Verified
Michael Wong and Sanjay Patel,both lawyers,start a law firm together.Both of them have unlimited liability for the debts of the business,and the management of the firm is equally shared between them.This law firm is an example of a(n) _____.
A) general partnership
B) S corporation
C) sole proprietorship
D) limited partnership
E) C corporation
Unlimited Liability
A legal structure in which the business owners are personally responsible for all of the company's debts and obligations.
General Partnership
A partnership that involves a complete sharing in both the management and the liability of the business.
- Grasp the concept of unlimited and limited liability in business entities.
Verified Answer
TW
Learning Objectives
- Grasp the concept of unlimited and limited liability in business entities.
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