Question

Dr. Ruiz shares equal responsibility and liability with her colleagues in their small business, which is a medical practice. Her business is a ________.

A. Limited Partnership
B. General Partnership
C. Closely held corporation
D. Publicly held corporation

Answer 1

Dr. Ruiz shares equal responsibility and liability with her colleagues in their small business, which is a medical practice. Her business is a general partnership. Compared to limited partnership, general partnership have unlimited liability and that general partners are liable to their partnership's obligations. The answer would be letter B.