Question

All of the following phrases describe a partnership except

a. shared responsibility for decisions.
b. low start-up costs.
c. the involvement of up to 20 partners.
d. high protection for your personal assets.

Answer 1

a. shared responsibility for decisions.

A partnership is a legal form of business operation between two or more individuals who share management and profits. There are two types of partnership: general partnership and limited partnership.

In a general partnership, the partners manage the company and assume responsibility for the partnership's debts and other obligations.
In a limited partnership, it has both general and limited partners.