Question

Max and Lucio start a retail store. They take turns to manage the store, and they share the profits equally. Max and Lucio understand that they are personally liable for any debts or losses that the store may incur in the future. This type of business venture exemplifies a _____.

a) Partnership
b) Corporation
c) Sole Proprietorship
d) Cooperative

Answer 1

The business venture exemplifies a partnership.

Step-by-step explanation:

The business venture described in the question exemplifies a partnership. A partnership is a business owned by two or more people who share the profits equally and are personally liable for any debts or losses incurred by the business.