A General Partnership Is Best Defined as a Business Owned

question 12

Multiple Choice

A general partnership is best defined as a business owned by:

• A) A single individual who desires limited liability for the firm's debts.
• B) One or more individuals who are each totally responsible for the debts of the entity.
• C) Multiple individuals, 80 percent of whom enjoy limited liability.
• D) Two or more individuals, each of whom has limited liability for the firm's debts.
• E) Two or more individuals, only one of whom has unlimited liability for the firm's debts.

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Definitions:

Stock Markets

Platforms where shares of publicly-held companies are bought and sold, contributing to the allocation of capital in an economy.

Hong Kong

A Special Administrative Region of China known for its vibrant economic and business center, located on the south coast of China.

Futures Contract

A standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future, often used for hedging or speculating.

Obligation

A legal or moral duty to complete certain actions or to make payments to others.