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In what type of business structure is each owner jointly and severally liable?

1 Answer

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Final answer:

In a general partnership, each owner is jointly and severally liable, meaning that they are individually responsible for the debts and obligations of the business.

Step-by-step explanation:

In a general partnership, each owner is jointly and severally liable. This means that each owner is individually responsible for the debts and obligations of the business. If one owner cannot pay their share of the debt, the other owner(s) will have to cover it.

For example, if two partners start a business and one partner is unable to pay their portion of a loan, the other partner will be held responsible for the full amount.

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User DonBaron
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