Avery and Bryce agreed to create a business together in Michigan. Avery and Bryce will equally...

Avery and Bryce agreed to create a business together in Michigan. Avery and Bryce will equally share in the decision making and in the business profits or losses. Which type of business did they create if they both have full personal liability for the firm's debts?

Group of answer choices

Joint stock company

Corporation

General partnership

Limited partnership

Solutions

Expert Solution

Both the partners are sharing the profits and losses. This happens in a pertnership. They also have a unlimited liabilities for the firm, which happens in the General partnership as in Limited liability partnership. liabilities are limited.

This above situation arise in the partnership. That too in general partnership.

option C is correct.

jeff jeffy answered 2 years ago

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