Will and bill both enjoy sunshine, water, and surfboards. thus, the two friends decided to create a business together renting surfboards, paddle boats, and inflatable devices in california. will and bill 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?

Question

Messiah Young

Business

3 May, 06:39

Will and bill both enjoy sunshine, water, and surfboards. thus, the two friends decided to create a business together renting surfboards, paddle boats, and inflatable devices in california. will and bill 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?

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Erin · Answer 1

This is a general partnership. A general partnership is formed when business partners share responsibilities and profits gained through the partnership. Everything is divided equally to prevent arguments or disputes. The one downside to general partnerships are that they make everyone involve liable. If a debt is created by one partner, the other partner is liable for the debt as well.