Mac and Charlie own a car repair shop that they operate as co-owners. Both take an active role in the management of the business, and each accepts unlimited liability. Mac and Charlie operate as a
A) joint venture.
B) general partnership.
C) limited partnership.
D) cooperative.

Question

Quizplus · Accepted Answer

Since Mac and Charlie operate the business as co-owners, they have formed a general partnership. Since both will manage the firm and accept unlimited liability, they are both general partners.

Mac and Charlie Own a Car Repair Shop That They