In which business structure do owners share profits and losses but have unlimite

In which business structure do owners share profits and losses but have unlimited liability?

In which business structure do owners share profits and losses but have unlimited liability?

Step 1: Understand what a business structure is. It refers to how a business is organized legally.
Step 2: Learn about different types of business structures, such as sole proprietorships, partnerships, and corporations.
Step 3: Focus on partnerships. A partnership is when two or more people run a business together.
Step 4: Identify the type of partnership called a General Partnership.
Step 5: In a General Partnership, all partners share the profits and losses of the business equally or as agreed.
Step 6: Understand that in a General Partnership, partners have unlimited liability, meaning they are personally responsible for the business's debts.
Step 7: Conclude that the answer to the question is a General Partnership.

No concepts available.