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Will and Bill both enjoy sunshine, water, and surfboards. Thus, the two friends decided to create a business together renting surfboards, paddle boats, and inflatable devices in California. Will and Bill will equally share in the decision making and in the profits or losses. Which type of business did they create if they both have full personal liability for the firm's debts?A. Sole proprietorshipB .Limited partnershipC. CorporationD. Joint stock companyE. General partnership

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Answer:

The correct answer is letter "E": General partnership.

Explanation:

A general partnership is the type of business formed by at least two individuals where both of them share all the assets, profits, financial and legal responsibilities and the decisions of the route the business structure will follow. It is said the partners have unlimited liability since both their personal and partnership assets are considered in front of any responsibility the partners have to take care of.

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