Ask Question
BusinessBusiness
14 December, 00:15

2. Romy & Colette are sisters who love cycling. They decided to create a business together Mountain, Road, Tandem and Children's bicycles. Romy & Colette will equally share in the decision making and in the profits or losses. Which type of business did they make 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

+5
Answers (1)
  1. 14 December, 02:38
    0
    Answer: general partnership

    Explanation: In a general partnership the owner and the firm are not considered separate legal entities. In such a structure the partners of the firm will be held personally liable for all the debts of the firm. In case of default the property of owners could be taken into consideration in general partnership structure.

    Both joint stock company and corporation have limited limited liability feature and sole proprietorship have only one owner.

    Hence the correct answer is E.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “2. Romy & Colette are sisters who love cycling. They decided to create a business together Mountain, Road, Tandem and Children's bicycles. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Kyle tells you that he wants to borrow the maximum amount of available loan money to buy his kids new shoes and go on a vacation to hawaii.
Answers (1)
AP Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 8% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Required: a.
Answers (1)
What is a bank balance?
Answers (1)
Assume that an American firm wants to engage in international business without major investment in the foreign country. Which method is least appropriate in this situation? a. Direct foreign investment b. Franchising c. International trade d.
Answers (1)
In two to three sentences, describe how you would organize your financial information.
Answers (1)
New Questions in Business
Ariel has two children, christopher and pat. christopher is 25 years old and pat is 22. both are full time students at southern college, have full tuition scholarships, and live at school during the year. christopher graduated in june.
Answers (1)
What is the Fisher effect? the tendency of nominal interest rates to rise with higher expected inflation rates the tendency of real interest rates to fall with higher expected inflation rates the tendency of nominal interest rates to fall with
Answers (1)
A tax on a good a. lowers the price that buyers pay and lowers the price that sellers receive. b. lowers the price that buyers pay and raises the price that sellers receive. c.
Answers (1)
Hi everyone I don't understand question 5 last part that how much to regular account? Kathy Burnett works for Triumph Industries. Her pay rate is $13.
Answers (1)
Where does the wave erosion occur and where
Answers (1)
Home » Business » 2. Romy & Colette are sisters who love cycling. They decided to create a business together Mountain, Road, Tandem and Children's bicycles. Romy & Colette will equally share in the decision making and in the profits or losses.
Sign Up Forgot Password?