Will and Bill both enjoy sunshine,water,and surfboards.Thus,the two friends decided to create a business together in Sydney renting surfboards,paddle boats,and inflatable devices.Will and Bill will equally share in the decision making and in the profits or losses.Which type of business did they create if they both have full personal liability for the firm's debts?
A)sole proprietorship
B)limited partnership
C)corporation
D)joint stock company
E)general partnership

Question

Quizplus · Accepted Answer

Will and Bill created a general partnership since they both have equal decision-making authority and share in the profits or losses. In a general partnership, each partner is personally liable for the partnership's debts, which is the case for Will and Bill as well.

Will and Bill Both Enjoy Sunshine,water,and Surfboards