Question

A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a: Multiple Choice
1. corporation.
2. limited liability company.
3. sole proprietorship.
4. general partnership.
5. limited partnership.

Answer 1

Answer:

4. general partnership. 

Explanation:

A general partnership is when at least two people come together to form a business. These partners would have unlimited liabilities.

A sole proprietorship is A form of business owned by one person who has unlimited liabilities.

A corporation is a a form of business owned by many people known as the shareholders. The shareholders have limited liability.

A limited liability company is owned by at least two partners that have a limited liability.

A limited partnership is a type of partnership with two types of partners- the limited partner and the general partner. The limited partner has limited liability and he is not involved in the daily running of the business while a general partner has unlimited liabilities and she is involved in the daily running of the business.

I hope my answer helps you