Which of the following is a business in which all partners share in both responsibility and liability?

general partnership

limited partnership

sole proprietorship

multinational corporations (MNCs)

The correct answer is general partnership

In a general partnership everyone shares everything equally. If a company fails, all people are responsible and liable. In a limited partnership, only those who were at fault for bad things suffer the consequences while the others are safe from criminal or civil prosecution. Sole proprietorship is usually for small businesses like having a local store or being a shoemaker or similar things.