Test your knowledge of partnerships with this quiz! Learn about the definition o...

Limited liability for the partners

Unlimited liability for the partners (correct)

No sharing of profits and losses

Exclusively for small businesses

A business structure where two or more individuals manage and operate the business (correct)

A business structure primarily used for large corporations

A business structure where only one individual manages and operates the business

A business structure where individuals are not liable for the debts of the business

Shared based on the initial investment of each partner

Profits are not shared, but losses are

Only the managing partner receives profits

Shared equally among the partners (correct)