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28 August, 13:36

How do the owners of a partnership relate to the business?

a. the owners and the business are not separate legal entities.

b. the assets of the owners are considered separate from the asset of the business.

c. the owners and the business are separate legal entities.

d. none of these describe the legal relationship of the owners to the business?

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  1. 28 August, 14:05
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    The correct option is A.

    A partnership business is a type of business that is formed by two or more people. The maximum number of people that can form a partnership is not restricted in some countries while it is restricted in some other countries. For instance, the maximum number of people that can form a partnership in Nigeria is 20. In a partnership business, the owners and the business are considered to be one and the same, this means that, if the business runs into financial problem, the owners may end up losing everything that they have including private properties.
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